Ionic Rare Earths Limited (AU:IXR) has released an update.
Ionic Rare Earths Limited is on the verge of completing a feasibility study for its Magnet Recycling plant in Belfast, which shows promising low-cost, high-margin production of heavy rare earth oxides for the Western market. The company has implemented cost reductions leading to a 60% decrease in monthly operational expenses and has received a $1.2M R&D tax rebate, with an additional $0.5M expected. With a new commercial-scale facility planned and potential partnerships, such as with Ford Motor Company for EV production, IonicRE is positioning itself as a pioneer in the Western rare earth recycling industry.
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