Louisiana Governor Executes Ucore’s SMC Industrial Tax Exemption Contract
December 12, 2023
Ratcliff Construction and Orbital Engineering Selected for Production Effort – Meetings Held at Kingston Demo Plant for Kick-off Program
Ucore announces Strategic Metals Complex (“SMC”) updates:
Louisiana Governor Jon Bel Edwards has executed a CONTRACT FOR EXEMPTION OF AD VALOREM TAXES as part of the broader US$15 million Louisiana Economic Development incentive package.
The selection of Orbital Engineering’s Baton Rouge, LA, Office for construction engineering services.
The selection of Ratcliff Construction of Alexandria, LA, for construction contracting services.
Halifax, Nova Scotia (December 12, 2023) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce a series of significant updates regarding the ongoing development of its rare earth element (“REE”) processing refinery, the Louisiana Strategic Metals Complex (“LA-SMC”) in Alexandria, Louisiana.
Final Industrial Tax Exemption Program Contract
The Governor of Louisiana, Jon Bel Edwards, has executed the CONTRACT FOR EXEMPTION OF AD VALOREM TAXES for Ucore’s SMC Project. This Industrial Tax Exemption Program (“ITEP”) provides up to a 10-year exemption to the Company (five-year initial term at 80 percent and five-year renewal term at 80 percent), which will result in an estimated $8.2 million in projected tax savings for the Company during the time of the exemption period on the local ad valorem property tax for the LA-SMC facility. The US$8.2 million ITEP incentive is part of the broader US$15 million incentive package offered by Louisiana Economic Development (“LED”) and previously announced by Ucore on April 6, 2023.
“Ucore is extremely grateful to the Governor and his staff at LED for guiding our project through this process,” stated Mike Schrider, P.E., Ucore VP & Chief Operating Officer. “The support shown by Louisiana and all the local entities that have come together to enable us to pursue this critical project cannot be overstated. Knowing that we have local, regional and state support, coupled with federal support through the US Department of Defense and, most recently, from the Government of Canada – truly provides a North American solution as we focus on keeping manufacturing jobs in the United States and Canada.”
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