Iperionx Ltd. ADR ( (IPX) ) just unveiled an update.
IperionX Limited has received a contract worth up to $47.1 million from the U.S. Department of Defense to enhance the domestic titanium supply chain. This two-phase initiative, in partnership with the DoD, involves a total investment of $70.7 million to develop a more resilient and cost-effective titanium production process in the U.S., supporting national security and economic resilience. The initial phase includes a $5 million commitment from the DoD and a $1 million contribution from IperionX towards making the Titan Critical Minerals Project in Tennessee ‘shovel-ready.’ The remaining funds will be used to expand titanium production capacity at IperionX’s Virginia campus. This strategic move is part of a broader effort to reduce dependency on foreign supply chains and ensure a reliable domestic source of this critical metal for various industries.
More about Iperionx Ltd. ADR
IperionX is a leading American company focused on producing high-performance titanium alloys using patented metal technologies. The company’s operations involve the production of titanium from minerals or scrap, aiming to reduce energy usage, costs, and carbon emissions. Its Titan project is the largest JORC-compliant resource for titanium, rare earth, and zircon minerals in the U.S. IperionX’s products are crucial for various advanced industries, including aerospace, defense, automotive, and consumer electronics.
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