Ugandan mining firm Rwenzori Rare Metals (RRM), the owner of the Makuutu heavy rare earths project, has achieved a significant milestone by successfully producing the first quantities of mixed rare earth carbonate (MREC) at its newly commissioned demonstration plant facility in Uganda.
Ionic Rare Earths (IonicRE), listed on the ASX, holds a 60% stake in Makuutu and has entered into agreements with RRM partners to increase its ownership to 94%.
Pending approval by shareholders and subject to meeting conditions precedent, this increase is expected to be finalized in the first half of this year.
The production of MREC represents a step forward in the supply chain and engagement with offtakers, providing sample products for evaluation by customers and strategic partners.
This progress positions Makuutu for a final investment decision later this year, with full commercial production planned for 2026.
The Makuutu project boasts a high proportion of heavy rare earths within the MREC basket, enhancing its market positioning and value proposition to global partners and stakeholders.
This achievement marks a pivotal moment in the project’s development, setting the stage for discussions with offtakers and strategic partners.
The demonstration plant has demonstrated rapid progress, reaching this milestone within nine months of breaking ground in Uganda and two months after obtaining its large-scale mining license, LML00334, at Makuutu.
Tim Harrison, Managing Director of IonicRE, expressed delight at the successful production of the first mixed rare earth carbonate at Makuutu.
He emphasized the dedication and expertise of the RRM and IonicRE teams in achieving this milestone within a short timeframe.
Harrison highlighted the significance of Makuutu, along with Ionic Technologies Belfast recycling facility, in accelerating the mining, refining, and recycling of magnets and heavy rare earths crucial for the energy transition, advanced manufacturing, and defense sectors.
Looking ahead, IonicRE aims to continue ramping up MREC production at Makuutu to provide samples for further evaluation by various interested parties, demonstrating its commitment to operational excellence, innovation, and sustainable growth.
