Ionic Rare Earths unveils promising UK recycling plant feasibility

Australia’s Ionic Rare Earths Ltd (ASX: IXR) has completed a feasibility study for its rare earth oxide manufacturing facility in Belfast, UK, which demonstrates strong financial and environmental soundness.The company, which already produces a continuous supply of rare earth oxide at the demonstration plant in northern Ireland, said that some key outcomes include an after-tax net present value of $502 million for the facility. It also said the internal rate of return has been pegged at 43.6% with a capital payback period of 2.4 years, based on throughput of 1,200 t/y, for production of 400 t/y of separated magnet REO over a 20-year asset life. The project, backed by the UK government, could generate earnings of almost $1.8 billion a year, Ionic said.“This represents a low capital risk pathway to sovereign magnet REO production compared to alternative sources”Managing Director Tim Harrison Managing Director Tim Harrison noted the study demonstrates the commercial viability of magnet recycling is compelling, environmentally friendly and helps reduce dependency on Chinese rare earths production.“Financially, this represents a low capital risk pathway to sovereign magnet REO production compared to alternative sources, offering strong financial returns based on a circular economy model of sustainable production,” Harrison said. Ionic is now focused on obtaining site permits and finalizing the front-end engineering design, with a final investment decision anticipated in the first half of 2025. If the project moves forward, construction is scheduled to be completed by late 2026, with the first commercial deliveries expected in early 2027.Ionic anticipates the facility will generate 70 jobs, including at a technical centre where further research on rare earth separation and magnet recycling will be conducted.The company said it plans to use the feasibility study to advance more feedstock and off-take agreements. It already has a deal with Brazilian developer Viridis Mining and Minerals and it is working on bringing its Makuutu heavy rare earths project in Uganda into production.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com