Canadian company Ucore Rare Metals Inc. today announced it has chosen Louisiana for its first rare earth processing facility, and has signed a letter of intent with Louisiana Economic Development to confirm the agreement.
The 50,000-square-foot facility is expected to create 45 jobs with an annual payroll of $2.4 million by 2025, rising to 80 jobs with an annual payroll of $5.2 million by 2034.
The strategic metals complex, or SMC, will have an initial capacity to produce 2,000 tonnes per annum of rare earth oxide, which will grow to 5,000 tonnes per annum from 2026 onward, says Ucore Vice President and COO Michael Schrider in a prepared statement posted to YouTube.
To secure the company’s commitment, LED offered $9.6 million in tax incentives and payroll rebates over its first 10 years of operation, in consideration of the company’s projected investment of $55 million in the SMC.
The company will now choose among 10 brownfield sites for the plant. LED could not be reached prior to this afternoon’s deadline to confirm which locations are under consideration. Read the full announcement.