Ionic announces MoU to establish Brazil magnet supply chain
ASX-listed Ionic Rare Earths is advancing its integration into the Brazilian magnet supply chain with the company’s Viridion joint venture (JV) with fellow listed Viridis Mining and Minerals signing a five-year memorandum of understanding (MoU) with a South African rare earth magnet laboratory.
Signed recently in Perth, Western Australia during a state visit, the agreement establishes a basis for cooperation between Viridion and SENAI Regional Department, with a view to jointly develop and produce rare earth magnets at LabFab, in Minas Gerais.
“This latest agreement is a major step forward for the Viridion JV, helping to unlock magnet recycling’s significant role in the development of initial rare earth element supply chains in new markets such as Brazil,” commented Ionic MD Tim Harrison.
The production of magnet rare earth oxides (REOs) within Brazil will enable the ramp-up of magnet production capability at CIT SENAI’s LabFab facility, which is targeting a ramp-up in neodymium production to 100 t/y by the end of 2026.
“We see the JV as the natural partner to help deliver this within the timeframe via recycling,” said Harrison.
In April Ionic and Viridis executed a binding agreement for the commercialisation of intellectual property developed by Ionic’s 100%-owned UK subsidiary, Ionic Technologies, to separate and refine REOs from concentrates and carbonates feed from the Colossus project, and magnet recycling in Brazil.
The 50/50 JV between Viridis and Ionic aims to commercialise and implement the separation and recycling technology within a separation plant in Brazil and is positioned to become the first major producer of the full suite of refined magnet REOs in South America.
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