In a major milestone for the magnet and heavy rare earths Makuutu Project in Uganda, Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) has produced the first mixed rare earth carbonate (MREC) from its newly commissioned on-site demonstration plant.
The company says its MREC is rich in magnet and heavy rare earth elements (REEs) and presents a strategic alternative to dysprosium and terbium, the supply of which is constrained due to 98% being produced in China.
This milestone will allow IXR to advance negotiations with potential supply chain and offtake partners and positions the project for a final investment decision (FID) later in 2024 and full commercial production as early as 2026.
Critical for energy transition
"We are delighted to announce the successful production of our first mixed rare earth carbonate on-site at Makuutu in Uganda,” Ionic Rare Earths managing director Tim Harrison said.
“The progress achieved over the past nine months from what was previously a sugarcane field, to now be a functioning technical facility producing magnet and heavy rare earths is a testament to the focus, dedication and expertise of our RRM and IonicRE team who made this happen.
"Achieving this major milestone, safely within such a short timeframe underscores our commitment to developing Makuutu as a disruptor to existing supply chains, providing an alternative, secure, sustainable and traceable source of heavy rare earths for new supply chains to emerge.
“In combination with our Ionic Technologies Belfast recycling facility, Makuutu is key to us harnessing our technology to accelerate mining, refining and recycling of magnets and heavy rare earths that are critical for the energy transition, advanced manufacturing and defence.
“Looking ahead, IonicRE remains steadfast in its pursuit of operational excellence, innovation and sustainable growth.
“With the successful commencement of MREC production, the company is well positioned to capitalise on emerging opportunities and deliver long-term value to its shareholders and stakeholders.”
IXR says it will continue to ramp up MREC production at Makuutu to generate enough product to provide samples to numerous groups who have requested samples for further evaluation.
MAIN IMAGE: First mixed rare earth carbonate produced from the Makuutu Demonstration Plant in Uganda.