Perth, Australia (ABN Newswire) – The Board of Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is thrilled to share an update on its rare earth magnet recycling business, Ionic Technologies International Ltd (“Ionic Technologies”), a 100% owned subsidiary based in Belfast UK.
Ionic Technologies is pioneering the recycling of Neodymium-Iron-Boron (NdFeB) permanent magnets to establish sustainable, traceable, and sovereign Rare Earth supply chains on a global scale.
Recent developments have sparked new interest from potential partners looking to leverage the Company’s magnet recycling technology to ensure a reliable rare earths supply. As a result, Ionic is gearing up its operations at the Demonstration Plant to operate 24/7, increasing production capacity to meet the demand for rare earth samples from potential customers and to facilitate the conversion of discussions into commercial agreements.
Securing two CLIMATES grants from the UK Government’s Innovate UK, totaling GBP2 million (A$3.90 million) (ASX 12 September 2023), is a significant achievement for Ionic Technologies. These grants further validate the Company and its technology. The projects funded by these grants include partnerships with Ford Technologies, Less Common Metals, and the British Geological Survey to develop traceable supply chains and feasibility analysis for a commercial magnet recycling plant.
Ionic Technologies’ Demonstration Plant has already produced high-purity neodymium and dysprosium rare earth oxides, marking a major milestone in the company’s progress. Additional processing equipment has been installed, and plans are underway to upgrade the control system to support 24/7 operations starting in early January 2024.
The Company is currently engaged in discussions along the rare earth supply chain, exploring various opportunities and advancing supply arrangements with key players in the permanent magnet industry.
Technology Overview
Since its inception in 2015 as a spinout from Queens University Belfast (QUB), Ionic Technologies has developed cutting-edge processes for the recovery of Rare Earth Elements (REEs) from mining ore concentrates and waste permanent magnets. The technology is recognized for its efficiency, safety, and environmentally friendly approach to processing with minimal ecological impact.
Utilizing proprietary technology, Ionic Technologies has created a universal method for recovering high-purity rare earth elements from lower-grade magnets, essential for manufacturing high-performance permanent magnets crucial for the growth of electric vehicles and wind turbines.
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About Ionic Rare Earths Limited:
Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is focused on developing the Makuutu Rare Earths Project in Uganda into a significant, long-term, low-cost supplier of critical and heavy rare earths. The project boasts near-surface mineralization, exploration potential, excellent metallurgical qualities, and access to top-tier infrastructure.
The geological characteristics of the Makuutu project align with major rare earth projects in Southern China, which dominate the global supply of heavy and critical rare earths. Metallurgical tests at Makuutu have yielded exceptional recovery rates, indicating a straightforward processing route.
Supported by existing infrastructure, Makuutu offers access to major highways, power, water, and a skilled workforce. Rare earths play a vital role in clean energy initiatives, particularly in the production of permanent magnets for wind turbines and electric vehicles.
The IonicRE team, composed of experienced industry leaders, is committed to bringing the Makuutu project to fruition and delivering value to all stakeholders.