Ucore Rare Metals gets authorization to fund part of Bokan-Dotson project through $145 million bonds

By Jennifer Chiou

New York, Feb. 19 - Ucore Rare Metals Inc. announced that has received unanimous approval from the Alaska State Legislature on a bill to finance up to $145 million of the Bokan-Dotson Ridge project.

The project capital expenditure financing is through the Alaska Industrial Development and Export Authority, a public corporation of the state.

As reported, Sen. Bert Stedman, R-Ark., presented an amendment to Alaska Senate Bill No. 99 that would give the authority the right to issue long-term bonds to finance the infrastructure and construction costs of the Bokan-Dotson Ridge rare earth project.

"Alaska has a very long history of advancing and supporting key resource projects, both financially and otherwise, and Bokan is no exception," Ucore president and chief executive officer Jim McKenzie said in the release.

"Alaska legislators have recognized that the area has the potential to be America's leading heavy rare earth production hub, with an array of ancillary industries, such as REE separation and metal manufacture."

The bond financing will be subject to the development and export authority's internal due diligence and board approval.

Ucore is a uranium exploration company based in Halifax, N.S. It announced the initiative for the bonds in February.

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