Ionic Rare Earths Limited (ASX: IXR) has welcomed developments from the European Union last week, where the European parliament and the council, the grouping of EU governments, agreed on common text for the Critical Raw Materials Act to encourage recycling of magnet rare earths, now classified as strategic raw materials.
Managing director, Tim Harrison, said the wholly-owned Ionic Technologies facility in Belfast, UK, was progressing key discussions with magnet manufacturers on swarf (metal and magnet making waste) recycling, plus exploring opportunities to access a steady supply in magnets to be recycled from sources such as end-of-life turbines from grid scale wind farms and components from used electric vehicles (EVs).
“Our proprietary magnet recycling technology will help the EU meet these targets to develop domestic, secure, and sustainable supply chains to address strategic supply and sovereign security.” Mr. Harrison said.
Additionally, the EU’s decision upgrades the benchmark for recycling of critical raw materials from 15% to at least 25% of annual consumption of raw materials by 2030.
Mr. Harrison continued, “Our Belfast facility is key to us harnessing our technology to accelerate our mining, refining and recycling of magnets and heavy rare earths which are critical for the energy transition, advanced manufacturing, and defence.”
The European Union’s media release states: “The Critical Raw Materials Act is intended to make the EU more competitive and sovereign. It aims to cut red tape, promote innovation along the entire value chain, support SMEs and boost research and the development of alternative materials and more environmentally friendly mining and production methods. The legislation will set up economic incentives and a more stable and secure business framework for the deployment of mining and recycling projects, with faster and simpler authorization procedures.”
The informal agreement must be approved by both EU parliament and council to become law and it will be put to a vote in the Industry, Research, and Energy committee on 7 December 2023.
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