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Rare Element Resources Ltd. reports developments tied to the Bear Lodge rare earth project and its rare earth processing and separation demonstration plant in Upton, Wyoming. Company updates focus on proprietary processing technology for separated neodymium/praseodymium oxide, plant operations and design work, permitting and licensing activity, and plans for a potential commercial separation facility.
Recurring news also includes capital actions involving common shares, project funding sources and financing options, government-related support for critical minerals development, governance matters, and operating and financial results.
Rare Element Resources (OTCQB: REEMF) has received U.S. Department of Energy (DOE) approval for the operations phase of its rare earth processing and separation demonstration plant in Wyoming. The DOE has issued the second and final Project Continuation Notice, allowing operations to commence in Q4 2024, pending U.S. Nuclear Regulatory Commission approval.
The DOE has also increased the project's cost-share budget to approximately $53.6 million, with federal cost-share rising by 10% to about $24.2 million. RER anticipates total project costs to exceed this budget due to post-pandemic supply chain issues, inflation, and design refinements.
The demonstration plant aims to advance RER's proprietary technology and generate data for a commercial-scale plant design. Wood plc has been engaged as the operations staffing contractor, preparing for approximately 20 full-time positions.
Rare Element Resources (REEMF) has provided an update on the construction of its rare earth recovery and separation plant in Upton, Wyoming. Site preparations are nearly complete, and essential equipment has been delivered. The project, directed by Loenbro, aims to commence operations in Q3 2024. An updated budget of $53.6 million was submitted to the DOE for approval, reflecting a 21% increase due to inflation. The DOE's decision is expected by September 1, 2024. The company is prepared to cover additional costs from its recent rights offering. The plant will undergo a 12-month operational phase for data collection to support commercialization.
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