Ionic Rare Earths Limited (ASX: IXR) has advised progress in securing land access agreements for the mining licence application (MLA) for the Stage One development of the Makuutu Rare Earths Project over retention licence (RL) 1693, through local Ugandan operating entity Rwenzori Rare Metals Limited (RRM).
The Ugandan government approved RRM’s proposed process to secure land access agreements on 15th September 2023. Land access agreements have now been secured for 92% of the MLA, comprising Bugweri District (94% completed), Bugiri District (84% completed), and Mayuge District (90% completed).
Progress across all three districts is continuing rapidly and the Company expects to secure agreements covering close to 100% of the 44km2 MLA area in the next 10 days. Formal issuance of the mining licence can occur once land access has been verified by the DGSM.
DGSM representatives will commence field-based activities in the communities to verify land access this week.
The Makuutu Heavy Rare Earths Project has the government’s full support and is set to become Uganda’s flagship mine. The project, 60% owned by IonicRE, is well-supported by existing Tier-One infrastructure and is on track to become a long-life, low capex, scalable, and sustainable supplier of high-value magnet and heavy rare earths oxides.
Additionally, In March 2023, IonicRE announced a positive Stage 1 definitive feasibility study (DFS) which defined a 35-year life initial project producing a 71% rich magnet and heavy rare earth carbonate product basket, and the potential for scale up through additional tenements.
To find out more, please visit www.ionicre.com.au
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