Ionic Rare Earths has announced significant progress in securing land access agreements for the Mineral Lease Area (MLA) of the Stage One development of the Makuutu Rare Earths Project through Rwenzori Rare Metals (RRM), its local Ugandan operating entity.
The Ugandan government granted approval for RRM’s proposed process to secure land access agreements on September 15, 2023.
As of now, agreements have been secured for 92% of the MLA, covering Bugweri District (94% completed), Bugiri District (84% completed), and Mayuge District (90% completed).
Progress is rapidly continuing across all three districts, and the company anticipates securing agreements for close to 100% of the 44 km2 MLA area within the next ten days.
Formal issuance of the Mining Licence is pending verification of land access by the Directorate of Geological Survey and Mines (DGSM) by October 20, 2023.
DGSM representatives will commence field-based activities in the communities to verify land access this week.
The Makuutu Heavy Rare Earths Project enjoys full support from the Ugandan government and is poised to become the country’s flagship mine.
With increasing investment in wind energy and electric vehicles (EVs), Rare Earths, critical for these technologies, are expected to play a pivotal role in the future of clean energy. Europe, for instance, has set a target of 36% power generation from wind by 2050.
Rare Earths, specifically elements like Dysprosium (Dy), Neodymium (Nd), Praseodymium (Pr), and Terbium (Tb), are essential for wind turbines due to the use of permanent magnets. Demand for these elements could increase from 6 to 40-fold by 2050.
EVs also heavily rely on Rare Earths, with 93% of EVs using permanent magnet synchronous motors. Ionic Rare Earths, equipped with an experienced team, aims to systematically de-risk, develop, and advance the Makuutu project into production, contributing to the growing demand for Rare Earths in clean energy technologies.
