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Ucore Comments on FY19 National Defense Authorization Act

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douginil   Thursday, 07/26/18 03:16:07 PM
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Ucore Comments on FY19 National Defense Authorization Act Prohibition on Chinese Rare Earth Magnets

July 26, 2018 – HALIFAX, NOVA SCOTIA – Ucore Rare Metals, Inc. (TSXV:UCU) (OTCQX:UURAF) (“Ucore” or the “Company”) is pleased to comment on the filing of the Fiscal Year 2019 National Defense Authorization Act (FY19 NDAA) by the Committees on Armed Services of the Senate and the US House of Representatives.

The bill is expected to be passed by both chambers of Congress over the next few days1.The legislation contains a Department of Defense prohibition against the use of rare earth magnets and tungsten from non-allied nations, including China.

Section 871 of the FY19 NDAA specifically requires that all rare earth (REE) magnets and tungsten be melted or produced in nations other than China, Russia, Iran and North Korea. Section 871 was introduced during the House Armed Services Committee’s markup of the NDAA by Congressman Paul Cook, a retired U.S. Marine Corps colonel.


Read more at:
http://ucore.com/ucore-comments-on-fy19-national-defense-authorization-act-prohibition-on-chinese-rare-earth-magnets

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