Significant Milestone Achieved with Land Access Agreements
Perth, Nov 13, 2023 AEST (ABN Newswire) - Ionic Rare Earths Limited (
ASX:IXR) is pleased to advise progress in securing land access agreements for the Mining License Application (MLA) for the Stage One development of the Makuutu Rare Earths Project ("Makuutu") over Retention License (RL) 1693 (application TN03834), through local Ugandan operating entity Rwenzori Rare Metals Limited ("RRM").
- Land access agreements now secured for over 92% of the full 44km2 Mining Licence Application (MLA) for the Stage One development of the Makuutu Project over Retention Licence (RL) 1693 (application TN03834);
- Ugandan Government approved Rwenzori Rare Metals' land access process on 15th September 2023 and progress indicates completion over the next 10 days;
- Uganda's Directorate of Geological Survey and Mines (DGSM) agreement verification processes across TN03834 to start this week on site; and
- Makuutu's basket contains 71% magnet and heavy rare earths content, and is one of the most advanced heavy rare earth projects globally available as a source for new supply chains emerging across Europe, the US, and Asia.
The Ugandan government approved RRM's proposed process to secure land access agreements on 15th September 2023. Land access agreements have now been secured for 92% of the MLA, comprising Bugweri District (94% completed), Bugiri District (84% completed) and Mayuge District (90% completed). Progress across all three districts is continuing rapidly and the Company expects to secure agreements covering close to 100% of the 44 km2 MLA area in the next ten days. Formal issuance of the Mining License can occur once land access has been verified by the DGSM (ASX 20 October 2023). DGSM representatives will commence field-based activities in the communities to verify land access this week.
The Makuutu Heavy Rare Earths Project has the Government's full support and is set to become Uganda's flagship mine (refer also to IXR ASX release on the 11th of September for more detail).
The Company is not aware of any other requirements prior to the award of the Stage 1 mining license over TN03834.
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About Ionic Rare Earths Limited
Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is focused on developing its flagship Makuutu Rare Earths Project in Uganda into a significant long life, low-cost, supplier of high-value critical and heavy rare earths.
Makuutu is an advanced-stage, ionic adsorption clay-hosted project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics and access to tier-one infrastructure.
The ionic adsorption clay-hosted geology at Makuutu is similar to major rare earths projects in Southern China, which are responsible for the majority of global supply of low cost heavy and critical rare earths, specifically the high value magnet metals (Dysprosium and Terbium) Heavy Rare Earths (>98% originating from ionic clays). Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a simple process route.
Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce.
Rare Earths will play a critical role in the future of clean energy. Rare Earths are a key ingredient in the permanent magnets found in wind turbines and electric vehicles.
IonicRE is led by an experienced and proven team, who have the capabilities to deliver Makuutu into production and realise value for all stakeholders.
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