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- Ionic Rare Earths (ASX:IXR) is ramping up its Ionic Technologies Magnet Recycling Demonstration Plant to run 24/7 from early next year
- The plant is owned by the company’s subsidiary, Ionic Technologies, and is the first to recycle NdFeB for the global EV supply chain
- The ramp-up is due to an increase in third-party interest from rare earth metal, alloy and magnet manufacturers and OEMs
- Ramp-up plant equipment is at the site in Belfast, and once a feasibility study is complete, installation and commissioning will finish by the end of 2023
- IXR shares are up 11.5 per cent, trading at 2.9 cents at 12:32 pm AEDT
Ionic Rare Earths (ASX:IXR) is ramping up its Ionic Technologies Magnet Recycling Demonstration Plant to run seven days a week continuously from early January 2024.
The company’s recycling business, Ionic Technologies International is located in Belfast UK, and it’s the first plant to recycle neodymium-iron-boron (NdFeB) permanent magnets for the global supply chain.
The ramp-up will increase the amount of rare earth oxide (REO) materials recycled at the plant, enabling more customer samples for the global permanent magnet market.
IXR stated the reason behind the ramp-up was due to a significant increase in third-party interest from world-class rare earth metal, alloy and magnet manufacturers as well as original equipment manufacturers (OEMs) and Industrials.
The company’s subsidiary has already secured UK Government funding worth £2 million (A$3.90 million) with Ford and Less Common Metals (LCM), to develop a traceable, circular supply chain of rare earths for electric vehicle motors.
Additionally, a partnership with the British Geological Survey is working to complete a feasibility study and supply chain analysis for the Belfast recycling plant.
All demonstration plant equipment has been transported to the site in Belfast, and once the feasibility study is complete, installation and commissioning are expected to finish by the end of 2023, before continuous operations take place shortly after.
IXR shares were up 11.5 per cent, trading at 2.9 cents at 12:32 pm AEDT.
