IonicRE Welcomes EU Critical Minerals Act Progress
Perth, Nov 24, 2023 AEST (ABN Newswire) - The Board of Ionic Rare Earths Limited (ASX:IXR) (IXRRF:OTCMKTS) welcomes developments from the European Union last week, where the European Parliament and the Council, the grouping of EU governments, agreed on common text for the Critical Raw Materials Act to encourage recycling of magnet rare earths, now classified as Strategic Raw Materials.
Ionic Rare Earths Managing Director Tim Harrison said the wholly-owned Ionic Technologies facility in Belfast, UK, was progressing key discussions with magnet manufacturers on swarf (metal and magnet making waste) recycling plus exploring opportunities to access a steady supply in magnets to be recycled from sources such as end-of-life turbines from grid scale wind farms and components from used electric vehicles.
"Our proprietary magnet recycling technology will help the EU meet these targets to develop domestic, secure, and sustainable supply chains to address strategic supply and sovereign security," Harrison said.
The EU's decision upgrades the benchmark for recycling of critical raw materials from 15 percent to at least 25 percent of annual consumption of raw materials by 2030.
"Our Belfast facility is key to us harnessing our technology to accelerate our mining, refining and recycling of magnets and heavy rare earths which are critical for the energy transition, advanced manufacturing, and defence," he said.
The European Union's media release states:
"The Critical Raw Materials Act is intended to make the EU more competitive and sovereign. It aims to cut red tape, promote innovation along the entire value chain, support SMEs and boost research and the development of alternative materials and more environmentally friendly mining and production methods.
The legislation will set up economic incentives and a more stable and secure business framework for the deployment of mining and recycling projects, with faster and simpler authorisation procedures."
As a next step in this legislative process, the informal agreement must be approved by both EU Parliament and Council to become law. It will be put to a vote in the Industry, Research and Energy committee on 7 December 2023.
The Belfast Demonstration Plant location, has the ability for the Belfast facility to meet EU criterion based upon the Windsor Framework, providing dual market access across the EU and UK and provides a platform for the Company to explore both commercialisation of the technology in Belfast and also wider Europe.
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.