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Ucore Comments on US Government Fair Trade Initiatives

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douginil   Wednesday, 07/18/18 08:49:22 AM
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Ucore Comments on US Government Fair Trade Initiatives to Escalate US REE Prices

July 17, 2018 – HALIFAX, NOVA SCOTIA – Ucore Rare Metals, Inc. (TSXV:UCU) (OTCQX:UURAF) (“Ucore” or the “Company”) is pleased to comment on recent initiatives by the Trump Administration to bolster United States rare earth element (REE) supply-chains.

The U.S. Trade Representative last week provided notice of an initial action under Section 301(b) of the Trade Act of 1974 (19 U.S.C. 2411b) (“Section 301”) to levy a 10% incremental tariff on all REE and associated alloys purchased by the US from China. The list of targeted items specifically identifies all REE, as well as yttrium and scandium, whether or not intermixed or interalloyed.

These materials, specifically designated as “Critical Minerals” by the US government are widely used in U.S. manufacturing applications, ranging from hybrid vehicles to electronic devices and military hardware. The Trump administration’s aim is to establish or re-establish a US advantage in global manufacturing and to ensure national security.

“The Section 301 tariffs are a welcome and overdue action by the US government. We’re optimistic that this positive move will trigger a re-baselining of more globally appropriate and realistic pricing for rare earths and other minerals in the US critical metals sector,” said Jim McKenzie, President & CEO of Ucore. “For decades, China has subsidized REE production in an effort to undervalue manufacturing input materials, artificially suppressing prices in order to incentivize downstream production in China, thereby maximizing American dependence on China as the primary source of rare earths. This has cost the U.S. jobs, innovation, and national security.”

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