Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) (IonicRE) has launched Ionic Technologies International Ltd (IonicTech), its rebranded 100%-owned subsidiary based in Belfast in the United Kingdom.
Formerly known as Seren Technologies Ltd, the new branding aligns with IonicRE’s strategy to become a fully integrated participant in the circular economy for critical magnet and heavy rare earth elements.
First mover advantage
IonicTech offers first-mover capability for downstream magnet recycling based on its advance technology to extract and refine rare earth magnets.
The technology can hydrometallurgically extract the elemental rare earth element (REE) content from waste material, and then separate and refine it to produce 99.9% grade rare earth oxides (REOs) to feed electric vehicles (EV), offshore wind, and defence applications.
IonicTech was recently awarded a grant of £1.72 million from the UK Government’s Innovate UK Automotive Transformation Fund Scale up Readiness Validation (SuRV) program to develop a demonstration-scale magnet recycling plant, which is a significant step towards securing a UK supply of critical rare earth metals for EV manufacturing.
The company is now accelerating the scale-up of its technology by completing a new pilot plant at a new facility at the Titanic Quarter in Belfast by the first quarter of 2023.
Alternative option
Ionic Rare Earths managing director Tim Harrison said: “We are delighted to be able to now formally progress with the change of name to Ionic Technologies International Limited, and to commence building the brand from which we will commercialise a leading edge, patented technology to help deliver a viable alternative solution for the processing of waste agent and swarf to produce separated and refined REOs to be used in new permanent magnets.
“The latest statistics from Wood Mackenzie and Adamas Intelligence suggest the magnet REO supply is sourced between 30-40% from recycled materials, with China dominating over 99% of the magnet recycling landscape. IonicRE through IonicTech aims to provide an alternative option, with a low cost, modular entry for recycled magnet REOs deployable close to sources of secondary material.
“The circular economy of rare earths will become increasingly more important over years to come, with the current production of magnet rare earths in significant deficit to forecast demand, and with no new supply coming into production, and no new projects in construction today, the deficit is expected to further increase.”
‘Rare Earths for Life’
The adopted strapline of ‘Rare Earths for Life’ was chosen to reflect the circular economy of the products expected to be produced by IonicRE - from its flagship Makuutu Rare Earth Project in Uganda to its unique recycling technology.
New logo and strapline developed for IonicTech.
Flagship project
IonicRE is focused on developing Makuutu into a significant, long life, high margin, supplier of high-value magnet and REOs.
Makuutu is an advanced-stage, ionic adsorption clay (IAC) hosted REE project highlighted by near-surface mineralisation and significant exploration upside.
The clay-hosted geology at Makuutu is similar to major IAC rare earths projects in southern China, which are responsible for the majority of global supply of low-cost rare earths, specifically the high value heavy REOs.
Makuutu has excellent infrastructure, which includes access to major highways, roads, power, water and a professional workforce.