Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) managing director Tim Harrison joins Proactive’s Elisha Newell after the company increased its stake in the Makuutu rare earths play in Uganda.
Ionic moved to 60% ownership just days after it got the green light for its demonstration plant, designed to generate commercial mixed rare earth carbonate samples from an asset Harrison believes could be Uganda’s flagship long-life mine.
The move also follows a positive stage one definitive feasibility study (DFS), showing that Makuutu would have an initial 35-year mine life with an EBITDA of A$2.29 billion and an internal rate of return (IRR) of 32.7%.