- Ionic Rare Earths (IXR) receives verbal confirmation from the Ugandan Energy Minister that it will receive approvals for its project
- The company’s Makuutu HREE play is based in Uganda
- The country’s resources lawmaker voiced support for the company’s project at a conference in Perth last week
- Uganda has recently reformed its resources legislation to better position itself as a beneficiary in the shifting global materials supply chain ecosystem
- The company received a licence extension approval back in January
- Shares last traded at 2.3 cents
Ionic Rare Earths (IXR) has praised Uganda’s recent resource law reforms as the country gives preliminary approval for the company’s Makuutu heavy REE project in East Africa.
Dr Ruth Nankabirwa Ssentamu, the Ugandan Energy Minister, expressed her support for the project during a conference in Perth last week, as reported by the company.
IXR Managing Director Tim Harrison met with Dr Ruth Nankabirwa Ssentamu between the 6-8th of September.
The Minister specifically mentioned Ionic’s Makuutu project during her speech, stating, “We look forward to granting approval of the mining license application to Ionic Rare Earths Ltd and Rwenzori Rare Metals Ltd”.
“Uganda is committed to the development of its mining sector … this is a flagship project to establish Uganda as a strategic partner in global supply chains for heavy rare earths.”
“We welcome the Ugandan government’s support for expediting approvals for the Makuutu,” Mr Harrison said.
“Uganda’s new mining laws and regulations offer a clear framework for mineral development in Uganda … reinforcing [our] project as one of the world’s largest and most advanced development-ready heavy rare earth element assets.”
This positive development is not the beginning of a friendly relationship; back in January, the company secured approval for a license extension request.
Support for Ionic Rare Earths extended beyond Ugandan government officials. Australian Minister for Resources, Madeleine King, also voiced her support for the company.
IXR shares last traded at 2.3 cents.