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Canada Recognizes Ucore-Sumitomo Rare Earths Collaboration at G7

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Ucore Rare Metals (UCU.V) said Thursday that the Government of Canada has identified its collaboration with Sumitomo Corporation as a critical minerals partnership supporting rare earth supply chains in Japan and North America.

Earlier on Monday, Ucore announced a framework with Sumitomo Corporation of Americas to collaborate on rare earth feedstock sourcing for Ucore's strategic metals complex in Louisiana.

The framework also includes collaboration on a downstream offtake development for separated rare earth products, including selected middle and heavy rare earth elements used in high-performance magnets and advanced materials applications, Ucore said.

"Ucore is proud that our collaboration has been recognized as part of Canada's broader critical minerals strategy, and we believe this is a pivotal step toward building trusted, transparent and commercially durable rare earth supply chains for Japan, North America and allied markets," Ucore CEO Pat Ryan said.

During the summit, G7 leaders committed to reducing rare earths supply chain dependence on a single supplier outside the bloc to under 60% by 2030, according to Ucore.

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