Metal recycling. AI-generated stock image by DigitalSpace. <\/p>\n
Ionic Rare Earths (ASX: IXR)\u00a0has, through its wholly owned U.S. subsidiary, Ionic Rare Earths USA, entered into a joint venture\u00a0(JV)\u00a0term sheet with Missouri-based US Strategic Metals (USSM) for the construction of magnet recycling facilities at USSM\u2019s fully permitted site in Missouri.\u00a0<\/p>\n
Ionic USA and USSM have agreed to form a 50-50\u00a0JV that plans to develop an integrated campus\u00a0for the production of\u00a0critical minerals and metals at USSM\u2019s 1,800-acre (728.4 ha) fully\u00a0permitted\u00a0site near Fredericktown.\u00a0<\/p>\n
The JV aims to construct one or more magnet and other rare earth recycling facilities at the site, processing recycled permanent neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo) magnets and magnet scrap. The\u00a0companies also said they\u00a0intend to evaluate recycling heavy rare earth elements (REEs).\u00a0<\/p>\n
The JV will be funded with $100 million for the construction of\u00a0initial\u00a0NdFeB and\u00a0SmCo\u00a0magnet recycling facilities,\u00a0comprised\u00a0of $95 million funding from USSM and a $5 million equity contribution split equally between Ionic USA and USSM.\u00a0\u00a0<\/p>\n
The\u00a0initial\u00a0$5 million equity contribution will be used to complete front end engineering design or the facility and accelerate demonstration-scale magnet recycling at the site or other location agreed\u00a0on, the companies said.\u00a0\u00a0<\/p>\n
Under the proposed\u00a0deal,\u00a0IonicRE\u2019s\u00a0wholly owned Belfast subsidiary, Ionic Technologies, will contribute a non-exclusive\u00a0licence\u00a0to the proposed JV for its magnet recycling technology for the recycling of magnets and magnet scrap plus other heavy REE\u00a0containing\u00a0compounds.\u00a0<\/p>\n
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\u201cThe proposed JV will seek to provide\u00a0IonicRE\u00a0with a practical and capital-efficient method of building rare earth magnet recycling capacity in the United States, the world\u2019s biggest economy,\u201d\u00a0IonicRE\u00a0managing director Tim Harrison said in a news release.\u00a0\u00a0
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\u201cMagnet recycling is a fast and low-cost pathway to developing a secure,\u00a0sovereign\u00a0and sustainable rare\u00a0earths\u00a0supply chain. It is intended that the proposed JV will deliver on the capability already demonstrated at\u00a0demonstration scale at Ionic Technologies in the UK to deliver a resilient supply of high purity, separated REOs for US\u00a0industrial needs.\u201d\u00a0
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