Ionic Rare Earths, Viridis form REE joint venture

Photo: Viridis Mining and Minerals

Ionic Rare Earths has entered into a binding agreement with Viridis Mining and Minerals to form a 50:50 joint venture with the aim of establishing a significant leading role in the future global supply chain for rare earth elements.

Both companies will co-fund the joint venture and a proposed Brazilian refinery and magnet recycling facility utilizing IonicRE’s separation technology. A scoping study is targeted for completion by the end of 2024. Pending a decision to proceed, the joint venture would then aim to complete a preliminary feasibility study within the following 18 months.

Viridis’ Colossus project in Brazil has the scope to be a world-class ionic adsorption clay (IAC) REE deposit. The miner recently announced two memorandum of understanding agreements with the state government of Minas Gerais and the municipality of Pocos De Caldas to fast-track regulatory approvals and infrastructure requirements to streamline the project’s advancement. 

“With IonicRE joining forces with Viridis, we are able to share assets that allow us to leap forward in terms of global footprint and operation. We can combine the significant scale and high-grade IAC from Colossus, with skilled staff, equipment, technology, and also leverage support from Brazilian authorities, and position IonicRE right at the forefront of this alternative global rare earth chain supply dominated by China,” said IonicRE Executive Chairman Brett Lynch.

“It is critical that the Western world established long term, secure, resilient supply and IonicRE will be a leading player in that critical supply chain.”

The joint combination advances the growth strategy for both companies by several years and draws on the support and alignment of several state agencies of Brazil, a nation that is both rich in rare earths and also aims to become a global leader in rare earth production and supply.

Source: Ionic Rare Earths

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