- Ionic Rare Earths (IXR) receives the final approval from the UK Government Investment Security Unit (ISU) to acquire Seren Technologies
- Ionic will integrate SerenTech into the company over the next 12 months, with a primary focus on several key activities
- The acquisition is complementary to Ionic’s strategy of becoming a vertically integrated participant in the formation of new magnet and heavy rare earth supply chains emerging across Europe and North America
- Ionic Rare Earths shares hold steady at 7.3 cents
Ionic Rare Earths (IXR) has received the final approval from the UK Government Investment Security Unit (ISU) to acquire Seren Technologies under the National Security and Investment (NSI) Act 2021.
The acquisition of Belfast-based Seren is complementary to Ionic’s strategy of becoming a vertically integrated participant in the formation of new magnet and heavy rare earth supply chains emerging across Europe and North America.
Ionic will integrate SerenTech into the company over the next 12 months with a focus on several key activities, including progressing test work and flowsheet development evaluation.
The company will also work on installing a pilot plant for demonstration of the full magnet recycling pilot plant to validate process improvements identified in collaboration with Ionic.
Seren is commercialising technology that uses ionic liquids for the separation and refining of rare earth elements (REE), which includes the full cohort of the proposed basket from the Makuutu project in Uganda.
Integrating Seren into Ionic will also involve planning for the development of a standalone facility in Belfast suitable to house hydrometallurgical laboratories and a purpose-built magnet recycling demonstration plant.
Since its founding in 2015, Seren has developed processes for the separation and recovery of REEs from mining ore concentrates and spent permanent magnets.
Their process has the potential to provide a step change in efficient, non-hazardous, and economically viable processing with minimal environmental footprint compared to existing technologies.
This provides considerable benefits over alternative magnet recycling technology presently being marketed and operated which breaks down spent magnets and swarf to be recast as magnets of the similar or lesser quality.
The technology presents a potential opportunity to provide a first mover advantage post acquisition in the industrial elemental extraction of REEs from spent magnets and waste, enabling near term magnet rare earth oxides production capability to satisfy growing demand and lagging new supply chains.
Ionic Rare Earths shares held steady at 7.3 cents as of 9:41 am AEST.