Ionic Rare Earths secures key mining license for Ugandan rare earths project

• Ionic Rare Earths (ASX:IXR) has been granted a large-scale mining license for its Makuutu heavy rare earths project in Uganda
• It marks the first large-scale license to be approved in the East African country
• Ionic’s Makuutu demonstration plant continues to advance, with the first mixed rare earth carbonate production on track for the first quarter of 2024
• The project stands out as one of the most advanced ionic clay adsorption clay projects in development today
• IXR shares are up 2.27 per cent, trading at 2.3 cents at 1:15 pm AEDT

Ionic Rare Earths (ASX:IXR) has been granted a large-scale mining license (LML) for its Makuutu heavy rare earths project in Uganda.

It marks the first large-scale license to be approved in the East African country.

The Ugandan Minister of Energy and Mineral Development (MEMD), the Honourable Dr Ruth Nankabirwa Ssentamu granted the license at a ceremony, under the Mining Act of 2022.

Meanwhile, Ionic’s Makuutu demonstration plant continues to advance, with the first mixed rare earth carbonate production on track for the first quarter of 2024.

The Ugandan Directorate of Geological Survey and Mines also approved the renewal of Exploration Licence 00147, covering a large portion of the company’s exploration target at Makuutu.

The project stands out as one of the most advanced ionic clay adsorption clay projects in development today, offering a product not exclusively designated for China. IXR is poised to cater to emerging supply chains seeking to diversify from current sources.

“The formal awarding of the mining license at Makuutu to Rwenzori enables discussions with potential strategic and supply chain partners to progress to the next stage to bring Makuutu and a new supply of magnet and heavy rare earths to market,” IXR Managing Director Tim Harrison said.

“With this award, and discussions underway with potential partners, the Project is aiming for final investment decision later this year, and first product to customers in early 2026.

“It is an important step forward for Ionic Rare Earths in mining, refining, and recycling the heavy rare earths critical for the energy transition, advanced manufacturing, and defence.”

IXR shares were up 2.27 per cent, trading at 2.3 cents at 1:15 pm AEDT.