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Ionic Rare Earths gears up to meet EU's magnet recycling targets

Last updated: 18:15 23 Nov 2023 First Published: 18:19 23 Nov 2023

Ionic Rare Earths Ltd

Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) is poised to play a significant role in the European Union's (EU) efforts to boost magnet recycling following the alliance’s decision to upgrade the benchmark for recycling critical raw materials from 15% to at least 25% of annual consumption by 2030.

The company's Ionic Technologies facility in Belfast, UK, is already in advanced discussions with magnet manufacturers on swarf (metal and magnet-making waste) recycling and is exploring opportunities to access a steady supply of 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," IonicRE managing director Tim Harrison said.

Mutual understanding

The European Parliament and the Council, the grouping of EU governments, last week agreed on the common text for the Critical Raw Materials Act to encourage the recycling of magnet rare earths, now classified as Strategic Raw Materials.

The EU’s media release reads: “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.”

Leveraging technology

IonicRE’s Belfast demonstration plant has the ability to meet EU’s criteria based on the Windsor Framework, which provides dual market access across the EU and UK, and will serve as a platform for the company to explore the commercialisation of its technology in Belfast and in the wider Europe.

“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,” Harrison said.

Integrated strategy

IonicRE is a miner, refiner and recycler of sustainable and traceable magnet and heavy rare earths needed to develop net-zero carbon technologies.

The company’s 60%-owned Makuutu Rare Earths Project in Uganda is on track to become a long-life, low capex, scalable and sustainable supplier of high-value magnet and heavy rare earths oxides.

Meanwhile, its 100%-owned UK subsidiary, Ionic Technologies International Ltd, has developed processes for the separation and recovery of rare earth elements from mining ore concentrates and recycled permanent magnets.

As part of an integrated strategy to create downstream supply chain value, IonicRE has plans to develop its own refinery to separate Makuutu’s magnet and heavy rare earths content into the full spectrum of REOs plus scandium.