Breaking Barriers: ABx Group and Ucore Rare Metals Join Forces to Secure Australia-USA Rare Earths Supply Chain
Key Objectives
Work to establish a binding offtake agreement for the supply of mixed rare earth carbonates from Australia to the USA through enhanced collaboration
Establish an investment pathway for Ucore into ABx
Bolster relationships between the United States and Australia as both countries strive to enhance critical minerals and clean energy projects
South Melbourne, Victoria and Halifax, Nova Scotia–(Newsfile Corp. – September 4, 2024)
ABx Group (ASX: ABX) (“ABx”) and Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore”) are pleased to announce the September 3, 2024, execution of a Memorandum of Understanding (“MOU”) that describes the collaborative pathway ABx and Ucore will embark on to advance to: a binding offtake agreement for the supply of a mixed rare earth carbonate (“MREC”) by ABx to Ucore, and; an opportunity for Ucore to invest in the ABx rare earths project in Tasmania.
ABx is an Australian public company headquartered in South Melbourne, Victoria, that has established an ionic adsorption clay rare earth element (“REE”) resource in northern Tasmania.
How will this affect me?
This partnership aims to secure the rare earth supply chain between Australia and the USA, which could potentially lead to greater availability and stability of rare earth materials used in various technologies such as smartphones, electric vehicles, and renewable energy sources. As a consumer of these products, you may benefit from a more reliable source of rare earth materials.
How will this affect the world?
This collaboration between ABx Group and Ucore Rare Metals is a significant step towards strengthening the relationship between the United States and Australia in the critical minerals and clean energy sectors. By ensuring a stable supply chain for rare earth materials, both countries can accelerate their efforts towards achieving sustainable and environmentally friendly projects on a global scale.
Conclusion
The partnership between ABx Group and Ucore Rare Metals represents a promising development in the rare earth supply chain industry, with potential benefits for consumers and the world at large. By working together to secure the supply of rare earth materials, both countries are taking a proactive step towards advancing clean energy and critical minerals projects. This collaboration sets a positive example for international cooperation and sustainability efforts in the global market.
