Rare earth magnet recycling business Ionic Technologies International Ltd, a subsidiary of Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF), has received multiple new partnering enquiries to utilise its magnet recycling technology to secure sustainable rare earths supply.
Third-party interest in utilising the world-class technology is coming from rare earth metal, alloy and magnet manufacturers and Original Equipment Manufacturers (OEMs) and Industrials.
The company is already partnering with Ford and Less Common Metals and is progressing with an initial production run planned for February 2024.
With so much interest, the IXR subsidiary is ramping up its capabilities and moving operations at its Demonstration Plant to 24-hour, 7-days-a-week production capacity.
Process control system installation and commissioning is expected to be completed by the end of 2023, while all Demonstration Plant process equipment has been delivered to Ionic Technologies and the majority installed for the ramp-up.
Ionic Technologies path to production.
Once 24/7 operations are in progress in early January 2024, Ionic Technologies will be able to increase the amount of rare earth oxide (REO) product from the plant for samples to potential customers.
Samples will facilitate the conversion of discussions with potential partners into commercial agreements.
Funding success
Ionic Technologies is a 100%-owned subsidiary of IXR. It is based in Belfast UK and is a global first mover in the recycling of neodymium-iron-boron (NdFeB) permanent magnets to enable the creation of sustainable, traceable and sovereign rare earth supply chains.
The company has successfully secured funding for two CLIMATES grants from the UK Government’s Innovate UK totalling £2 million (A$3.90 million) which provides a significant endorsement of the company and its technology.
The two projects are:
- Collaborating with Ford Technologies and Less Common Metals, Ionic Technologies aims to establish a traceable and circular supply chain for rare earths in the United Kingdom, specifically for use in electric vehicle (EV) motors.
- In partnership with the British Geological Survey, the company will undertake a feasibility study and supply chain analysis for a prospective commercial magnet recycling plant in Belfast.
Technology gains attention
On June 19, 2023, Ionic Technologies announced the production of high-purity (> 99.5%) neodymium (Nd) and dysprosium (Dy) rare earth oxides (REOs) at its Demonstration Plant.
Following initial commissioning and production in the third quarter of 2023, the company enhanced its facilities with additional processing equipment and is close to completing an upgrade of the control system. This system is currently under commissioning and is expected to be fully operational by the end of 2023.
In light of Ionic Technologies' plans to initiate 24/7 operations from early January 2024, a ramp-up will support commercial production for the collaboration with LCM and Ford, as well as processing end-of-life magnet samples for other potential clients.
These developments have sparked further supply chain engagement, stemming from the successful production of high-purity REOs in June 2023. Ionic Technologies is actively exploring several substantial opportunities across the rare earth supply chain and advancing supply agreements with key players in the permanent magnet sector.
Founded in 2015 as a spinout from Queens University Belfast, Ionic Technologies has innovated in separating and recovering rare earth elements (REEs) from mining ore concentrates and waste permanent magnets.
The company's technology represents an advancement in efficient, non-hazardous and economically viable processing with a minimal environmental impact.
Its proprietary technology offers a universal solution for recovering high-purity grade rare earth elements from lower quality and variable grade magnets, crucial for the production of modern, high-performance magnets needed in the rapidly growing electric vehicle and wind turbine sectors.
Ionic Technologies technology overview.