Ionic Rare Earths, listed on the ASX, has recently entered into a significant partnership agreement with Ford Technologies, Less Common Metals (LCM), and the British Geological Survey to establish a rare earth supply chain based in the UK, utilizing recycled magnets.
Ionic’s subsidiary, Ionic Technologies, will employ recycling technology to produce high-purity, separated, and traceable rare earths from end-of-life magnets and swarf. These rare earths will be supplied to LCM for alloy production, which will then be converted into NdFeB magnets. Ford Technologies plans to use these magnets in the production of electric vehicles (EVs).
The UK government has pledged £1 million in support for this partnership project, with an additional £1 million allocated for a feasibility study focused on the construction and supply side dynamics of a magnet rare earth recycling plant. This feasibility study will be conducted in collaboration with the British Geological Survey, and the funding will be provided under the UK government’s circular critical materials supply chains (CLIMATES) program.
Tim Harrison, Managing Director of Ionic, expressed the significance of this initiative, emphasizing that it will accelerate the mining, refining, and recycling of critical magnet and heavy rare earths essential for energy transition, advanced manufacturing, and defense. He also highlighted Ionic’s strategy to establish a collaborative Western supply chain for rare earths in the UK and the European Union.
Additionally, Ionic Technologies has received a CLIMATES grant from Innovate UK, further demonstrating their commitment to creating a sustainable supply chain for rare earths in partnership with Ford Technologies and LCM. Another CLIMATES grant will support Ionic Technologies in developing a business case and exploring the potential scale-up of a commercial magnet recycling facility in Belfast, in partnership with the British Geological Survey.
It’s worth noting that Ionic Rare Earths also owns the Makuutu rare earths project in Uganda, further contributing to its involvement in the rare earths industry.
