Ucore Rare Metals Enters Strategic Collaboration With Sumitomo Corporation of Americas in Rare-Earth Supply Chain
Ucore Rare Metals (UCU.V) on Monday said it reached a strategic cooperation framework with Sumitomo unit Sumitomo Corporation of Americas (SCOA) to support the development of a diversified rare-earth supply chain across North America and allied markets, it said on Monday.Under the deal, the companies will collaborate on sourcing rare-earth feedstock for Ucore's Louisiana Strategic Metals Complex (SMC) and downstream offtake development for separated rare earth products."The collaboration is intended to combine Ucore's developing RapidSX technology platform at its Louisiana rare earth refinery with SCOA's global sourcing, logistics, and market access capabilities, including in Japan, as the parties work to support more diversified rare earth supply chains," said the company in a statement."Furthermore, the companies intend to formally cooperate as project partners in Ucore's previously announced Global Partnership Initiative with the Government of Canada," it said.SCOA will serve as Ucore's distribution partner for designated separated rare-earth products sold to selected customer segments in Japan and other mutually agreed industrial applications, it said. The companies will work together to explore opportunities for cooperation across the rare-earth value chain, subject to mutually agreed commercial terms and existing business arrangements.Shares of Ucore Rare Metals were last seen up $0.54 to $5.84 on the TSX Venture ExchangePrice: $5.84, Change: $+0.54, Percent Change: +10.19%