Ionic Rare Earths and Viridis Mining and Minerals joint venture announcement

Ionic Rare Earths Limited (ASX: $IXR) has entered into a 50:50 joint venture with ASX listed Viridis Mining and Minerals Limited (ASX: $VMM) to establish a significant leading role in the global supply chain for Rare Earth Elements (REE). The joint venture aims to construct a refinery and magnet recycling facility in Brazil, utilizing Ionic Technologies' separation technology, with ongoing discussions with Brazilian government agencies for accelerated approvals process.

Executive commentary on joint venture agreement

This Joint Venture agreement cements IonicRE's advancement in becoming a significant global participant in the crucial supply chain for rare earths for the western world. Secure REO supply is critical for a broad range of modern technologies, and with IonicRE joining forces with Viridis, we can combine significant scale and high-grade IAC from Colossus, positioning IonicRE at the forefront of the global rare earth chain supply dominated by China.

Summary of joint venture and outlook

Ionic Rare Earths and Viridis Mining and Minerals have formed a 50:50 joint venture to advance rare earth separation business in Brazil. The joint venture aims to construct a refinery and magnet recycling facility, leveraging Ionic Technologies' separation technology. This strategic move positions IonicRE as a significant leader in global supply of rare earth oxides crucial to the ongoing energy transition. With ongoing discussions with Brazilian government agencies, the company aims to secure Brazil a leading role in global supply, providing a derisking advantage and broadening potential for global opportunity. The scoping study for the Refinery and Recycling project is targeted for completion by the end of 2024, indicating a positive outlook for the company's corporate strategy and expansion in the rare earth market.