U.S. Rare Earths, Inc., a rare earths exploration company with approximately 25,000 acres of mining claims in the U.S., announced today that it has entered into an exclusive global commercial patent license agreement with the Oak Ridge National Laboratory to utilize the Membrane Assisted Solvent Extraction for Rare Earths Technology, which results in the recovery and separation of Neodymium, Dysprosium and Praseodymium from electronic E-waste.
U.S. Rare Earths has also signed a non-exclusive commercial patent license agreement for use of MSX Technology with intention of separation of REEs from their claims in the United States. Both the exclusive and non-exclusive commercial patent license agreement were signed between UT-Battelle, LLC, (a limited liability partnership between the University of Tennessee and Battelle Memorial Institute), ("Licensor") and U.S. Rare Earths, Inc. (Licensee).
The Licensor, manages and operates the Oak Ridge National Laboratory under contract with the United States Department of Energy (DoE).
The Licensor created the MSX Technology specifically for the recovery of Neodymium, Dysprosium and Praseodymium on a mandate from the U.S. government to seek alternative sources of these critical materials, that are currently produced and processed almost exclusively by the Chinese. These rare earth elements are required for the manufacturing of automobile electronic motors, wind turbines, computer hard drives, electronic displays, and fluorescent bulbs. They are often referred to as "technology metals."
Kevin Cassidy, CEO for U.S. Rare Earths, Inc., commented: "We initially entered in discussions with the Oak Ridge National Laboratory after receiving approval from the U.S. Forest Service to reopen the northern adit and access a stockpile of material located on USRE-held mining claims.
"Our Last Chance Mine stockpile contains several tons of highly concentrated rare earths material and offers a short term domestic supply of rare earths so we were motivated to secure a cost effective way to provide a competitive source of technology metals. Based on conversations around our mutual commitment to U.S. sustainability, we agreed that the recycling of electronic E-waste will provide a competitive source of Neodymium, Dysprosium and Praseodymium for growing the cleantech sector including electric vehicles."