Ionic Rare Earths Limited (ASX: IXR) has signed a non-binding memorandum of understanding (MOU) with UK based metals and alloy manufacturer Less Common Metals Limited (LCM) to work collaboratively on building a Western supply chain for rare earth permanent magnet (REPM) production.
UK-based LCM is a world leader in the manufacture and supply of complex alloy systems and metals, offering an innovative and highly flexible approach to a wide range of material requirements. LCM is currently the only commercial rare earth metal and alloy producer outside of China or Chinese associated plants in SE Asia with the existing capability to accept all products that IonicRE aims to produce through recycling, plus provider of feed for IonicRE’s recycling process.
Under the MOU, both IonicRE and LCM aim to formalize definitive agreements to collaborate on the supply of materials for high purity rare earth oxides (REOs). The MOU also encompasses additional collaboration with the governments of the UK and other international entities to pursue mutual incentives.
Ionic Rare Earths’ executive chairman, Mr Brett Lynch commented, “We are delighted to progress the relationship further with Less Common Metals and work together on a much more expanded ambition to build resilience in new rare earth supply chains. LCM’s decades-long experience and its innovative approach make it a valuable partner and we look forward to progressing this partnership further as we build a Western rare earths supply chain from recycled magnets.”
The MOU outlines the preliminary terms and intentions between the Parties for the following agreements:
1. Collaboration on swarf/magnet recycling to deliver high purity oxides
2. Collaboration on the production of other alloys (including SmCo and Sc) from high purity oxides
3. Development of domestic and international supply chain activity
4. Collaborative engagement with UK and other international governments to further mutual interests
5. Pursue opportunities in USA for magnet recycling
To find out more, please visit www.ionicre.com
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