Australian-listed Ionic Rare Earths announced on Tuesday that its subsidiary has been offered a £12 million ($16.4 million) capital grant from the UK government to support the development of a rare earth magnet recycling facility in Belfast.
The funding, offered under the UK’s DRIVE35 programme, would contribute to the capital costs of the plant operated by Ionic Technologies, the company’s recycling arm. The grant remains subject to due diligence and standard funding conditions.
DRIVE35 is a government-backed initiative aimed at accelerating the industrialisation of zero-emission vehicle technologies and strengthening domestic supply chains for critical materials. The UK, in line with other major economies, is seeking to expand domestic production and recycling of critical minerals as part of its strategy to reduce dependence on overseas suppliers by 2035.
Once operational, the Belfast facility is expected to produce around 400 tonnes per year of high-purity separated rare earth oxides recovered from end-of-life permanent magnets. The plant will use Ionic Technologies’ proprietary long-loop recycling process, designed to return recycled materials directly into high-value magnet applications.
Ian Constance, chief executive of the Advanced Propulsion Centre UK, one of the bodies involved in administering DRIVE35 funding, said the project would support the UK’s automotive and advanced manufacturing sectors by strengthening access to strategically important materials.
Ionic Rare Earths said it continues to engage with multiple potential partners and financiers as it works to secure the remaining funding required for the £85 million project.
