Ionic Rare Earths Limited (IonicRE) has inked a Memorandum of Understanding with rare earth miner Aluminium Corporation of China subsidiary, China Rare Metals and Rare Earth (Jiangsu) Co., Ltd for the development of its Makuutu Rare Earths Project in Uganda.
Both the parties will cooperate to accelerate Makuutu mine development and production including potential off take agreements and Project funding.
{alcircleadd}
IonicRE Managing Director Tim Harrison commented: “We are very pleased to have signed this MOU which, further endorses the quality of the Project and its strategic importance, and will now enable the Makuutu Rare Earths Project to rapidly advance activities in the near term. We welcome the involvement of CHINALCO and their ionic clay and rare earths separation arm China Rare Earths Jiangsu. Their knowledge on ionic adsorption clays is second to none, and their involvement would also greatly enhance and accelerate the planned development of Makuutu.”
“From the outset of our discussions, it was clear that there existed a key alignment between IonicRE and CHINALCO on the development of Makuutu. We greatly welcome their expertise in de-risking the technical development and engineering, maximising the strategic value of Makuutu and its importance in the longer-term global rare earths supply chain.”
“We see Makuutu rapidly growing into a very large, long life producer of critical and heavy rare earths. Partnering with CHINALCO potentially fast tracks the development process for Makuutu and will greatly assist in value creation for IonicRE.”
IonicRE has granted CHINALCO 12 months to progress discussions on strategic cooperation to accelerate Makuutu mine production, investment within IonicRE or offtake discussions.
Responses
