Highlights
- Ionic Rare Earths acquires SerenTech, a Queen’s University spinoff, to develop pioneering rare earth element recycling technology.
- The company aims to establish domestic rare earth supply chains in the UK, Europe, and Brazil through innovative magnet recycling processes.
- Their patented technology enables the creation of sustainable magnets, offering a low-capital solution to reduce reliance on Chinese-dominated rare earth markets.
Recently at the One2One Investor Forum Tim Harrison, Managing Director of Ionic Rare Earths Ltd (opens in a new tab) (ASX:IXR, OTC:IXRRF) discussed this venture’s rare earth recycling and supply chain development activities.
Delivered via Proactive (opens in a new tab) financial news in Australia, Harrison discussed Ionic Rare Earths' focus on enhancing domestic rare earth element production in the UK, Europe, and Brazil via innovative recycling technologies. The aim: process end-of-life magnets and waste streams into high-purity rare earth oxides. An important theme Rare Earth Exchanges has covered since its launch in October 2024.
The Company
Ionic Rare Earths Limited was incorporated in 1998. The company is based in West Perth, Australia, and is listed on the Australian Securities Exchange under the code IXR.
Ionic Rare Earths is a mineral exploration company that mines, refines, and recycles rare earth elements for use in the energy transition, manufacturing, and defense sectors. The company's flagship project is the Makuutu rare earths project (opens in a new tab), which is located in eastern Uganda. Ionic Rare Earths has also developed technology to separate and refine rare earth elements from spent permanent magnets.
What’s the genesis for recycling technology?
At the stop in Belfast Ireland recently, Harrison shared in this interview that the company's proprietary technology, initially developed at Queen’s University and supported by the UK government, is ready now for commercialization.
What’s promising about this recycling technology?
According to the interview with Proactive, Harrison touts a flexible, lower-capital method for producing recycled high-purity rare earths. “Our focus on recycling is a low-capital, low-risk approach that minimizes supply chain vulnerabilities for our partners.”
What kinds of partnerships or joint ventures are on the table?
Ionic Rare Earths inked a joint venture deal targeting Brazil with Viridis Mining and Minerals (opens in a new tab) to process rare earth elements from the Colossus Project and leverage existing recycling infrastructure.
What’s the Colossus project?
The Colossus Project in Brazil is a rare earth project that is rich in dysprosium and terbium, which are heavy magnet metals. The project has a maiden resource of 201 million tonnes at a grade of 2590 parts per million (ppm) total rare earth oxides (TREO). Of that, 26% are magnet rare earth oxides (MREO). Initial testing of clays from the project showed world-record bulk ionic recoveries, with rates as high as 67%. The recovery rates for critical magnetic rare earths were higher than any other publicly known clay-hosted rare earth prospect or deposit.
The Colossus Project is in the Poços De Caldas Alkaline Complex in southeast Brazil.
What’s promising about Brazil?
According to Harrison, Brazil represents a promising region for developing a domestic supply chain, with the potential to reduce reliance on Chinese-dominated supply.
How does Ionic Rare Earths Limited differentiate itself in recycling?
Ionic Technologies, formerly known as Seren Technologies, is a spin-out company from Queen’s University Belfast (opens in a new tab). In 2022, they became the magnet recycling subsidiary 100% owned by Ionic Rare Earths Limited (opens in a new tab) (ASX: IXR). To summarize Ionic Rare Earths Limited acquired the Queens University spin out SerenTech, which recently announced a grant of £1.72M from the UK Government.
Their patented process enables the creation of what they claim are the world’s first sustainable magnets. This innovation offers a scalable solution for countries to establish a supply chain insulated from geopolitical risk. With technology that can be deployed rapidly, Ionic Technologies is enabling the establishment of sovereign supply chains for rare earths.
In September 2022, the UK Government’s Innovate UK Automotive Transformation Fund Scale up Readiness Validation (opens in a new tab) (“SuRV”) program, coordinated by the Advanced Propulsion Centre (APC), (opens in a new tab) awarded a £1.72 million grant (A$2.90 million) to Ionic Technologies to build a demonstration magnet recycling plant to produce separated magnet rare earth oxides (REOs), a first for the UK, as a scale up of successful previous pilot campaigns using the Company’s patented technology.
So, what was the underlying process from SerenTech, the Queens University spinoff?
SerenTech, again a Queen's University Belfast spinoff, developed new techniques to recycle permanent magnets using a revolutionary process for the separation and recovery of rare earth elements from mining ore concentrates and waste magnets.
When the startup was acquired by Ionic Rare Earths Limited it had 11 full time employees based in Belfast. SerenTech was rebranded as Ionic Technologies International Ltd, or IonicTech.
Tim Harrison, Managing Director of Ionic Rare Earths commented on the acquisition of this university spinoff in 2022:
“The world’s supply of magnet rare earth elements is failing to keep pace with demand, whilst the importance and ubiquity of magnets as part of everyday life is growing. Clearly, as dependence on high grade permanent magnets, which depend on magnet rare earth elements – Neodymium, Praseodymium, Dysprosium and Terbium – new sources of supply must be brought to market. Permanent magnets are critical for net zero carbon technologies such as electric vehicles and offshore wind turbines, but also rare earths critical to everyday life, used in smartphones, speakers and 5G internet to name just a few.”
“As the demand for these new technology applications grows, the need for secondary sourcing, otherwise known as recycling, becomes ever more pressing. We are delighted to be able to now formally progress with the change of name from SerenTech to Ionic Technologies International Limited, and to commence building the brand from which we will commercialize a leading edge, patented technology to help deliver a viable alternative solution for the processing of end-of-life magnets and swarf to be used in new permanent magnets, developed right here in Belfast.”
“The latest statistics suggest the magnet rare earth element supply is sourced between 30-40% from recycled materials, with China dominating over 99% of the magnet recycling landscape. IonicRE through IonicTech aims to provide an alternative option, with a low cost, modular entry for recycled magnets.”
IonicRE sees the commercialization of the technology offering from IonicTech as vital to the Companies’ growth as it now moves to work with global governments looking to develop domestic magnet supply chains. Such partnerships will also provide more secure and traceable supply chains for critical raw material.”
Rare Earth Exchanges monitors IonicRE ongoing.
Daniel
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