By Reuters Staff
4 Min Read
(Reuters) - Miners are seeking to take advantage of a jump in the prices of many rare earth elements, needed for permanent magnets used in low-carbon technologies as well as myriad other applications such as weapons systems.
Aerial view of the Kringlerne rare earth deposit, where the project is lead by Australian mining company Tanbreez, near the town of Narsaq in southern Greenland, in this undated 2015 handout photo. Tanbreez CEO Greg Barnes/Handout via REUTERS
The rally has been driven by surging demand for electric vehicles as well as concerns that Beijing may restrict sales.
Factbox: Miners gear up global rare earth projects as prices surge
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Factbox: Miners gear up global rare earth projects as prices surge
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Ucore Rare Metals Inc.: IBC and Ucore Reach an Amicable Settlement Agreement
Ucore Rare Metals Inc.
Ucore or
Party ) and
IBC Advanced Technologies, Inc., its named individual officers, and all IBC shareholders that are party to the Option to Purchase Agreement (collectively,
IBC or
Agreement ) regarding all litigation activities between the Parties and any other associated individuals.
The specific terms of the Agreement are confidential. The terms include IBC purchasing the MRT pilot plant from Ucore for US $1.175 million (C $1.5 million) pursuant to a series of payments. Additionally, the Agreement includes the termination of the Option to Purchase Agreement and any other existing agreements between the Parties, and an agreement by all Parties to dismiss all lawsuits with prejudice and to mutually release and waive all claims. Per the terms of the Agreement, there will be no further announcements or release of Agreement details by either Party