Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) has had a busy year, developing the Makuutu Rare Earths Project in Uganda with a focus on scaling up magnet recycling technology at Ionic Technologies in Belfast, Ireland.
The company brought on a larger workforce, secured an Environmental and Social Impact Assessment Certificate, and continued work programs in Australia and Uganda to de-risk Makuutu and secure the mining licence, expected to be finalised in early 2023.
“I am very proud of the company’s achievements on reaching a number of significant milestones in 2022,” Ionic Rare Earths managing director Tim Harrison said.
“These achievements position IonicRE to be an early mover and to significantly add value and capacity in developing the supply chain of critical magnet and heavy rare earth elements for use across key applications to enable the delivery of net-zero carbon technologies.”
First recycled magnet rare earths by Q2 2023
Now, IXR is turning its attention toward a downstream refinery study – expected to be completed in the first quarter of next year – commissioning the magnet recycling demonstration plant late in the same period and increasing ownership of Makuutu beyond 60%.
The company is aiming to produce the first recycled magnet rare earth oxides (REOs) at scale by the end of 2023’s second quarter.
“Further to our internal growth plans, we have continued to engage with governments, quasi-government organisations and potential strategic partners that are key to building the supply chain for the ever-increasing demand for rare earth elements,” Harrison continued.
“These activities have been carried out in parallel with driving the development our flagship mine at Makuutu in Uganda.
“We look forward to commissioning the Ionic Technologies magnet recycling demonstration plant in late Q1 2023 and first recycled magnet REOs produced at scale by the end of Q2 2023.
“With the production of the magnet REOs, we will be able to further collaborate in the sustainable, secure and traceable supply chain that in turn enables the making of metals, alloys and magnets for potential partners in the EV and wind turbine sectors.”