Ionic Rare Earths Ltd. and US Strategic Metals have entered into a term sheet to establish a 50-50 joint venture aimed at constructing magnet recycling facilities near Fredericktown, Missouri. The partnership will utilize US Strategic Metals’ fully permitted 1,800-acre site to process recycled neodymium-iron-boron and samarium-cobalt magnets, as reported by mining.com.
The initial phase of the project is funded with $100 million in total capital. US Strategic Metals is contributing $95 million toward the construction, while both parties are providing an equal $2.5 million equity share—totaling $5 million—to finance front-end engineering design and demonstration-scale recycling operations. Ionic Technologies, a Belfast-based subsidiary of Ionic Rare Earths, will provide a non-exclusive license for its magnet recycling technology.
Source: mining.com