Ionic Rare Earths seeks UK grant for Belfast recycling facility
Published: 18:12 05 Dec 2024 EST
Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) managing director Tim Harrison talked with Proactive’s Tylah Tully about the company’s significant milestone of applying for a capital grant from the UK Government to fast-track a commercial battery recycling facility in Belfast.
Harrison called the application a "big milestone" for the team, adding that it could serve as a cornerstone investment to advance the project.
The Belfast facility feasibility study indicated a net present value of $500 million and a post-tax internal rate of return of 44%, with a capital cost of £85 million.
Harrison emphasised the project's long-term potential, noting its role in rare earth recycling.
"We’re bullish on the recycling opportunity and this facility positions us well for future growth," he said.
He also mentioned opportunities to expand the technology into markets like the US and Brazil.
Looking forward, the company anticipates hearing back on the grant application in early 2025, with plans to finalise financing for the project in the first half of the year.
With strong support from UK stakeholders, Ionic Rare Earths is optimistic about its ability to capitalise on growing demand for critical raw materials and energy transition solutions.
