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Ionic Rare Earths (ASX:IXR) has announced that its wholly-owned UK subsidiary, Ionic Technologies International, has filled the plant’s recycling demand for the next 18 months and piqued curiosity in the technology.
The company said this had involved running several campaigns it called “demonstrator programs”, which aim to advance interest towards commercial partnerships at the Belfast facility.
The rise in demand for access to technology being developed to optimise magnetic rare earth supply chain products through recycling had seen a surge in requests from numerous participants seeking to conduct trials for both end-of-life (EOL) magnet material and magnet production waste streams through the recycling plant.
“We now have a wonderful showcase for the industry to see first-hand how we can provide an immediate option for secure, sustainable, alternative magnet rare earths for a fraction of the capital required for new mine and refinery capacity, let alone a substantially reduced technical and deliverability risk profile,” IonicRE Managing Director Tim Harrison said.
“Our unique positioning in Belfast and access to both EU and UK markets position us very well to now convert demand to commercial partnerships for the business.”
In response to the demand, the company is now exploring options to expand capacity at the Demonstration Plant and considering potential new initiatives with partners in other jurisdictions.
Partnerships with industry giants like Ford Motor Company and Less Common Metals have been forged to establish a UK magnet REO supply chain, along with discussions to capitalise on magnet recycling, which at the moment is non-existent in the Western World.
“Our Belfast plant is now the first producer of recycled separated magnet REOs in the Western world. We are now moving rapidly to commercialise rare earth separation, refining, and recycling, with planned commercial-scale production likely within just two years, offering investors direct exposure to heavy rare earths market growth.” IonicRE’s Executive Chairman Brett Lynch said.
Operating beyond China, IonicRE aims to address the under-addressed heavy rare earth oxides market, crucial for automotive supply chains.
The right partnerships could see it cement its place as a major player in the market, especially as the industry predicts global shortages by 2035, reinforcing the importance of initiatives that promote recycled sources.
IXR last traded up 2.94 per cent at 1.8c.
