Rare Element Resources breaks ground in Upton!
10 Oct 2023
(Pictured Below) General Atomics’ Chairman and CEO Neal Blue, Rare Earth Elements CEO Brent Berg, and U.S. Sen. John Barrasso (R-WY) gather on Monday, October 9, for a groundbreaking event for REE’s processing demonstration plant slated for construction in Upton in 2024.
(Pictured Right) The other photo is an informational display presented by Rare Earth Elements for the members of Federal, state, county, and Upton town residents and officials to view during the three-hour open house and groundbreaking ceremony in Upton on Monday, October 9.
Stay tuned for more information and check out the Press Release below for history on this exciting development!
Rare Element Resources Announces Receipt of NRC Source Material License for Planned Rare Earth Processing and Separation Demonstration Plant
July 31, 2023 – Littleton, Colorado – Rare Element Resources Ltd. (the “Company” or “RER”) (OTCQB: REEMF) is pleased to announce that the U.S. Nuclear Regulatory Commission (“NRC”) has completed its review and issued the Company a Source Material License. This license is necessary to allow the processing of previously stockpiled material from the Bear Lodge Project at the Company’s planned processing and separation demonstration plant (“Demonstration Plant”) to be built in Upton, Wyoming. The license represents a critical step that advances the project to the next stage approval with the U.S. Department of Energy’s (“DOE”) Office of Energy Efficiency and Renewable Energy, which is providing approximately 50% of the budgeted project costs.
“The issuance of this license is a key milestone for the Company, and we thank the NRC for its rigorous review and timely completion of our application,” said Brent Berg, President and CEO of RER. “I believe the growing awareness of the exposure our country faces due to China’s monopoly on the rare earth supply chain has garnered ongoing support for our project. While the DOE undertakes its next steps, we are finalizing our work plan for Demonstration Plant construction and operation as well as construction contractor selection. Construction of the Demonstration Plant could begin as early as November 2023. Following our planned construction period, we could see plant operations begin as early as summer 2024 – moving us one step closer to our goal of creating a secure, domestic source of separated and refined rare earths.”
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