Just the Facts: Ionic Rare Earths has Invest Minas support for planned magnet recycling facility in Brazil
12/9/2024
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Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Ionic Rare Earths Ltd (ASX: IXR, OTC: IXRRF).
The company has received support from Invest Minas, a Brazilian government investment promotion agency, for its plans to establish a rare earth magnet recycling facility in Minas Gerais, Brazil.
The project will be executed through Ionic’s Viridion joint venture with Viridis Mining and Minerals. The facility will utilise proprietary technology demonstrated in Belfast, Northern Ireland, to create a sustainable and independent rare earth supply chain.
The recycling facility will process pre-consumer magnet scrap and end-of-life magnets into rare earth oxides (REO) for manufacturing.
Ionic has partnered with Lab Fab, South America’s first rare earth magnet laboratory, to co-develop rare earth magnets. Strong government support highlights the project’s economic and environmental benefits, with a feasibility study confirming its profitability and sustainability.
Brazil is viewed as a significant market for Ionic’s technology, with magnet recycling seen as the first step toward an integrated domestic supply chain.
The country, the seventh-largest wind energy market globally, is expected to expand further, driving demand for REO materials. Additionally, Brazil’s emerging EV production capacity and growing advanced manufacturing sectors strengthen its position as a critical market for rare earths.
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