IonicRE (ASX: IXR) has announced that Rwenzori Rare Metals Limited, owner of the Makuutu Heavy Rare Earths Project, has successfully produced first quantities of mixed rare earth carbonate (MREC) at its newly commissioned demonstration plant facility, Uganda.
IonicRE currently owns 60% of Makuutu and has agreed terms with partners in RRM on increasing its ownership to 94%, which pending approval by shareholders, and is subject to satisfying conditions precedent, is expected to occur in H1 2024.
Tim Harrison, managing director, said, “We are delighted to announce the successful production of our first mixed rare earth carbonate, on site at Makuutu in Uganda. The progress achieved over the past nine months from what was previously a sugarcane field, to now be a functioning technical facility producing magnet and heavy rare earths is a testament to the focus, dedication, and expertise of our RRM and IonicRE team who made this happen.”
The high proportion of heavy rare earths within the Makuutu MREC basket further enhances the project’s market positioning and strengthens its value proposition to global partners and stakeholders.
Further, this is a major milestone for the company and marks a pivotal moment in the project’s trajectory and path to offtake and strategic partner discussions. The demonstration plant has displayed rapid progress through achieving this milestone within just nine months of breaking ground in Uganda, and two months after receiving its large-scale mining licence, LML00334, at Makuutu.
“Looking ahead, IonicRE remains steadfast in its pursuit of operational excellence, innovation, and sustainable growth. With the successful commencement of MREC production, the company is well positioned to capitalize on emerging opportunities and deliver long-term value to its shareholders and stakeholders.” Said Mr. Harrison.
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