Ionic Rare Earths Limited
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Why is Ionic Rare Earths First Production from Makuutu a Major Milestone?
Melbourne-based company, Ionic Rare Earths Limited (IonicRE), is making significant progress in its Makuutu Rare Earths Project in Uganda. The company is on track to produce its first Mixed Rare Earth Carbonate (MREC) early in the first quarter of 2024, marking a major milestone for the project. Here's what you need to know:
Construction Progress at Makuutu Demonstration Plant
Construction at the Makuutu Demonstration Plant is progressing well, with the first MREC production expected in early 2024. The technical facility shed has been erected, and the internals are being constructed to house laboratories and offices. This facility will play a crucial role in optimizing metallurgical test work outputs, providing technical validation for the project's development.
Trial Mine Test Pit and Potential Customers
Grade control drilling for the initial trial mine test pit is currently underway and is expected to be completed this month. This test pit will help evaluate the quality of the rare earth minerals present in the Makuutu deposit.
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Once the MREC production begins, the company plans to send samples to potential customers and offtake parties for testing. There has been significant interest from third parties to partner with IonicRE, indicating strong demand for magnet and heavy rare earth products from the project.
Key Milestone in Project Development
The provision of MREC product from Makuutu is a significant milestone in the development of the project. It represents a step towards the operational phase and highlights the project's potential for new supply chains. The company expects the mining license for Makuutu to be granted shortly, further solidifying its position in the rare earth market.
High Value Magnet and Heavy Rare Earths Content
Makuutu's rare earth mineral basket contains 71% high-value magnet and heavy rare earths content. This makes it one of the most advanced heavy rare earth projects globally and positions it as a potential source of new supply chains emerging across Europe, the US, and Asia. The project's strategic location and rich resource base make it an attractive investment opportunity.
IonicRE continues to collaborate with its local operating entity, Rwenzori Rare Metals Limited (RRM), to ensure the successful development of the Makuutu Rare Earths Project. The company is confident that the near-term award of the mining license and the upcoming MREC production will contribute to its long-term success.
In conclusion, Ionic Rare Earths Limited's progress in the construction of the Makuutu Demonstration Plant and the upcoming production of its first MREC represents a significant milestone for the company. It positions IonicRE as a key player in the rare earth market, offering high-value magnet and heavy rare earths content to meet the growing demand for clean energy technologies.
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