Ucore Rare Metals, situated in Kingston, has been awarded over $4.2 million from the federal government’s Critical Minerals Research, Development and Demonstration fund. This funding is set to expedite the company’s operations in processing rare earth minerals, which are crucial for the production of electric vehicle batteries, wind turbines, and other green technologies.
Mike Schrider, Ucore’s Vice-President and Chief Operating Officer, highlighted the significance of this investment, noting its alignment with the global trend towards securing a self-reliant supply chain for critical minerals. These minerals are essential for a wide range of applications across various industries, including industrial, medical, military, and more.
The Canadian government’s investment reflects its commitment to enhancing Canada’s role in the rare earth mineral market, predominantly led by China. This initiative is expected to boost Ucore’s production of rare earth minerals to between 13 and 15 tonnes, showcasing its commercial viability.
Kingston and the Islands MP, Mark Gerretsen, emphasized the critical role of mining and specifically critical minerals in Canada’s prosperity and technological advancements. He stressed that critical minerals are foundational to modern technologies and represent a significant opportunity for Canada’s economy, workforce, and the pursuit of a net-zero emission future.
