High demand means Ionic Rare Earths magnet recycling demo plant will soon operate around the clock
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Special Report: Ionic Rare Earths’ magnet recycling demonstration plant is ramping up to a 24/7 continuous operation in early 2024, increasing the amount of REO product for samples to potential customers.
Ionic Rare Earths (ASX:IXR), a global first mover in the recycling of neodymium-iron-boron (NdFeB) permanent magnets into high purity separated REO, has received multiple enquiries from third parties wanting to use the Company’s magnet recycling tech to secure rare earths supply.
As a result, IXR says it will be ramping up its capabilities and moving operations at its demonstration plant in Belfast UK to 24 hours, 7 days a week production capacity.
This will enable greater volumes of high purity, sustainably separated rare earths to be produced for samples to potential customers and will facilitate converting these discussions into commercial agreements, the Company says.
IXR’s demonstration plant has already produced quantities of high purity (> 99.5%) neodymium (Nd) and dysprosium (Dy) rare earth oxides (REOs).
The Company has also successfully secured funding for two CLIMATES grants from the UK Government’s Innovate UK totalling £2 million (A$3.90 million).
After initial process commissioning and production runs through Q3 2023, IXR will carry out the installation of necessary processing equipment and is in the final stages of upgrading the installed control system.
This work is expected to be completed by the end of 2023.
The 24/7 operations will commence from early January 2024 with commercial production runs to support the Less Common Metals (LCM) and Ford collaboration, as well as processing end of life magnet samples for other potential customers.
IXR’s partnership with LCM and Ford involves the development of a traceable, circular supply chain of rare earths for application in EV motors within the UK.
A shortlist of engineering partners for feasibility study work of a full-scale commercial magnet recycling facility in Belfast is expected to commence within weeks.
This article was developed in collaboration with Ionic Rare Earths, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.