How will Ionic Technologies' Recycling Technology Drive EU's Sustainable Supply Chains?
Ionic Rare Earths Limited
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How will Ionic Technologies' Recycling Technology Drive EU's Sustainable Supply Chains?

IonicRE Welcomes Critical Raw Materials Act Progress from European Union
Promoting Recycling of Strategic Raw Materials

Belfast, UK - The Board of Ionic Rare Earths Limited ("IonicRE" or the "Company") (ASX: IXR) expressed its enthusiasm for recent developments from the European Union (EU), where the European Parliament and the Council reached a consensus on the Critical Raw Materials Act. The act aims to incentivize the recycling of magnet rare earths, now classified as Strategic Raw Materials.

Ionic Rare Earths' Managing Director, Tim Harrison, revealed that the company's proprietary magnet recycling technology is poised to contribute significantly to the EU's strategy of developing domestic, secure, and sustainable supply chains to address strategic supply and sovereign security.

Progress in Key Discussions

Ionic Technologies' facility in Belfast, UK, has been advancing vital discussions with magnet manufacturers regarding the recycling of swarf, a byproduct of metal and magnet manufacturing. Additionally, the company is exploring avenues to access a steady supply of magnets to be recycled from sources such as end-of-life turbines from grid-scale wind farms and components from used electric vehicles.

According to Harrison, the European Union's decision to upgrade the benchmark for recycling critical raw materials from 15 percent to at least 25 percent of annual consumption by 2030 is significant. "Our Belfast facility is key to us harnessing our technology to accelerate our mining, refining, and recycling of magnets and heavy rare earths, which are critical for the energy transition, advanced manufacturing, and defense," he stated.

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Critical Raw Materials Act: Redirecting the Future

In its media release, the European Union emphasized that the Critical Raw Materials Act aims to enhance the EU's competitiveness and sovereignty. The legislation intends to reduce bureaucratic hurdles, foster innovation throughout the value chain, support small and medium-sized enterprises (SMEs), and promote the development of alternative materials and environmentally friendly mining and production methods.

Encompassing economic incentives and a more stable and secure business framework, the act paves the way for the deployment of mining and recycling projects, streamlining authorization procedures.

A Legislative Journey Towards Transformation

The informal agreement reached by the European Parliament and Council must now undergo approval to become law. The Industry, Research, and Energy committee is scheduled to vote on the legislation on December 7, 2023, marking a significant milestone in the legislative process.

A Strategic Hub for the Energy Transition

The Belfast Demonstration Plant, strategically located in Belfast, serves as a pivotal catalyst for Ionic Rare Earths. Through its adherence to the Windsor Framework, the facility meets the EU's criterion, enabling the company to enjoy dual access to the EU and UK markets. This provides an ideal platform for the commercialization of the cutting-edge recycling technology not only in Belfast but also across wider Europe.

As the wheels of progress continue to turn, IonicRE remains committed to collaborating with magnet manufacturers and capitalizing on its revolutionary magnet recycling technology to shape a sustainable future and ensure the availability of critical raw materials for the energy transition, advanced manufacturing, and defense sectors.

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