Ionic Rare Earths Advances $100 Million Missouri Magnet-Recycling JV-USSM Would Fund the Heavy Lift

Highlights

• Ionic Rare Earths and USSM have advanced from an MOU to a non-binding 50/50 joint-venture term sheet for rare-earth magnet recycling in Missouri.
• The proposed JV targets $100 million in initial funding, with USSM contributing $95 million and each partner splitting a $5 million equity contribution.
• Ionic's Belfast-proven technology targets NdFeB and SmCo recycling, with product grades reportedly exceeding 99.9% REO purity.
• The JV also plans to evaluate recovery of heavy rare earths including Eu, Gd, Ho, Er, Tm, Yb, Lu, and Y from magnet scrap.
• The term sheet remains non-binding with no disclosed plant capacity, production schedule, or feedstock contracts, leaving execution as the key proof point.