Name of the Project
Rare earth oxide (REO) manufacturing facility.

Location
Belfast, Northern Ireland, UK.

Project Owner/s
Ionic Rare Earths (IonicRE).

Project Description
A feasibility study completed in November 2024 has shown strong potential for a profitable and unique commercial REO manufacturing facility, recycling preconsumer rare-earth magnet scrap and end-of-life magnets, thereby providing sovereign capability for the UK.

The project is based on a throughput of 1 200 t/y of feed with a production capacity of 400 t/y of separated magnet REO over a 20-year life of operation.

The proposed commercial-scale plant would represent a 40-fold increase in production capacity (400 t/y) from the demonstration plant (10 t/y). 

The process design is modular, with the plant comprising two 200 t/y production lines, allowing for scale-up flexibility and parallel REO separation activity.

Potential Job Creation
Not yet confirmed.

Net Present Value/Internal Rate of Return
The project has a pretax net present value of $673-million at a 7.5% discount rate and an internal rate of return of 52.2%, with a payback of 2.4 years.

Capital Expenditure
$108.7-million.

Planned Start/End Date
IonicRE is progressing with site permitting, with construction planned for completion in late 2026, delivering sovereign magnet REO for Western customers from early 2027.

Latest Developments
The completion of the feasibility study, and ongoing work on the front-end engineering design study allow for the prioritisation of commercial offtake agreements for high-purity, separated magnet REO products – didymium oxide, dysprosium oxide and terbium oxide. Functionality for separated neodymium oxide and praseodymium oxide is also under further investigation, driven by appetite in several industries beyond the magnet supply chain.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Ionic Rare Earths, tel +61 3 9776 3434 or email investors@ionicre.com.