Ucore Rare Metals to Open Rare Earth Processing Site in Louisiana, Creating 100 Jobs
Ucore Rare Metals Inc., a Canadian company that partnered with Louisiana Economic Development last year, has announced its decision to open a rare earth metal processing site in Rapides Parish, Louisiana. The move is expected to generate 100 new jobs.
The Halifax-based company will invest $75 million in establishing the first state-of-the-art rare earth element separation and purification facility in North America. The facility, spanning 80,800 square feet and located at England Airpark in Alexandria, will create a U.S.-based supply chain for rare earth oxides necessary for manufacturing electric vehicle motors, wind turbine generators, and various consumer goods such as smartphones and power tools.
The Louisiana Strategic Metals Complex, as it will be called, is a crucial step towards diversifying energy production and consumption in North America. The complex will import high-purity rare earth feedstocks through the Port of New Orleans, which will then be processed by workers at the facility to produce materials for industrial magnets used in electric vehicle motors and wind turbines.
Construction of the complex is set to commence this year, with operations anticipated to begin in early 2025. Ucore expects to process 7,500 metric tons per year of rare earth oxides at the site by 2027.
The project is not only expected to create direct jobs but also hundreds of indirect jobs in central Louisiana. The average salary at the complex is projected to be $50,000, providing a boost to the local economy.
To support Ucore's investment, Louisiana Economic Development has offered an incentives package that includes LED FastStart and a performance-based grant of $900,000 for infrastructure expenditures. Ucore plans to participate in the Industrial Tax Exemption and Quality Jobs programs and leverage the Research and Development tax credit.
Patrick Ryan, Chairman and CEO of Ucore Rare Metals, emphasized the importance of establishing a critical metals supply chain in the United States to meet the evolving manufacturing needs across North America. The Louisiana Strategic Metals Complex in Alexandria is a significant step towards achieving this goal and driving energy production and consumption diversification.
The establishment of this rare earth processing site highlights Louisiana's commitment to supporting innovative industries and contributing to the development of sustainable technologies that will shape the future.