Ionic Rare Earths JV inks MoU with owner of first rare earth magnet lab in South AmericaLast updated: 22:45 05 Nov 2024 EST, First published: 22:41 05 Nov 2024 EST
View attachment 6593589Viridis executives and industry figures from Minas Gerais at MoU signing ceremony in Perth.
Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) and joint venture partner Viridis Mining and Minerals Ltd (Viridion JV) have signed a memorandum of understanding (MoU) with SENAI FIEMG Innovation and Technology Centre.
SENAI owns the Lab Fab, South America’s first rare earth magnet laboratory, and the MoU is designed to facilitate joint development and production of rare earth magnets at Lab Fab, in the Brazilian state of Minas Gerais.
The five-year MoU positions the Viridion JV to become the first Brazilian producer of refined rare earth oxides (REO) from either a mixed rare earth carbonate (MREC) or from recycling of spent magnets from IXR’s UK subsidiary, Ionic Technologies.
Ramping up magnet production“This latest agreement is a major step forward for the Viridion JV, helping to unlock magnet recycling’s significant role in the development of initial REE supply chains in new markets such as Brazil,” Ionic Rare Earths managing director Tim Harrison said.
“The production of magnet REOs within Brazil will enable the ramp-up of magnet production capability at CIT SENAI’s LabFab facility, which is targeting a ramp-up in neodymium-iron-boron (NdFeB) production to 100 tonnes per annum by the end of 2026.
“We see the JV as the natural partner to help deliver this within the timeframe via recycling.”
The JV will conduct scoping studies for the REO refinery and magnet recycling facilities from January next year, once Viridis has successfully produced MREC from its Southern Concessions at the Colossus Project in Brazil.
The companies are also reviewing several potential locations for pilot plants that would support both the REO refinery and magnet recycling facilities near Viridis operations in Poços de Caldas, Minas Gerais.
Building a circular magnet economy“By working with LabFab, we will also be able to recycle waste streams produced in the ramp-up of activities, which will enable the development of a truly insulated, secure NdFeB supply chain in Brazil that can support significant advanced manufacturing activities underway in that market,” Harrison continued.
“Having recently hosted delegates from Invest Minas to our facility in the UK, and discussing our vision for the potential Brazilian REE supply chain, we are excited to now look to quickly replicate what we have been able to achieve in Belfast, to help CIT SENAI meet its initial NdFeB ambitions, and map a path forward where we can continue to grow in an integrated REE supply chain with strong support from government and active engagement from industry in Brazil.”
IXR sees itself as a global first mover in the recycling of NdFeB permanent magnets to high-purity separated magnet rare earth oxides (REOs) – enabling the creation of sustainable, traceable, and sovereign rare earth supply chains.
The company currently produces several rare earth products, including:
- neodymium oxide (Nd2O3);
- didymium oxide (NdPr oxide);
- dysprosium oxide (Dy2O3); and
- terbium oxide (Tb4O7).
“IonicRE is rapidly becoming a significant participant in the global rare earths supply chain and this MoU provides further demonstration of the growing demand for secure, sustainable and traceable supply,” IXR executive chair Brett Lynch said.
“Our magnet recycling technology based in Belfast, UK, is on a fast track to commercialisation targeting UK/European markets.
“It is the potential replication of this technology into new markets in South America, North America and Asia that is extremely exciting for shareholders as we execute our global growth strategy, hyper-scaling this closed-loop technology for the circular economy of the 21st century.”
(20min delay)