Rare Element Resources, the technology developer company focused on rare earth elements, announced this Monday it is advancing in a separation project that would be funded by the Department of Energy with $21,9 million.
Firstly, Rare Element Resources reported that, along with General Atomics, Synchron, and other partners, received a note on January 20, 2021, that it had been selected by DOE as a potential award recipient; although, subject to finalization of pre-award negotiations.
Secondly, the award came after the companies submitted a demonstration project for a rare earth elements separation plant; to locate in Wyoming, near the Company’s Bear Lodge Project. Rare Element Resources, along with partners would provide the engineering, construction and operation of the plant.
Thirdly, since then, the companies have been progressing on the pre-award documents required for the award finalization, including the final statement of project objectives, project budget, and accompanying timetable.
Moreover, if the companies succeed in the funding request, capital provided by the DOE would amount for one-half of the total estimated costs for the demonstration project. Deadline and final notice for the funding award will occur in late second quarter of the year.
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Rare Element Resources would complete project in a year
In addition, final documents from Rare Element Resources and partners will confirm the operational flow sheet; and also, parameters to be incorporated into the plant design, including final equipment sizing and also reagent requirements.
Furthermore, the company anticipates that, once funded, the plant will begin construction. It would be complete within a period of 12 or 18 months. Also an addition 12 months period will await, for the process of separation of rare earth elements from the Bear Lodge Project.
On the other hand, Randall Scott, CEO of Rare Element Resources, said. “We are very pleased that our work with the DoE in finalizing the pre-award negotiations is progressing well; as we remain focused on its timely finalization. At the same time, we are working closely with UIT to complete the test work for the final process flow sheet for the demonstration plant.”
Finally, he noted. “Our innovative patented separation process continues in optimization; now involves significantly fewer steps with attendant environmental benefits.”