Ionic Rare Earths, US Strategic Metals form JV to build $100M magnet recycling plant in Missouri
Plans to develop an integrated campus for the production of critical minerals and metals at USSM’s 1,800-acre fully permitted site near Fredericktown.
Ionic Rare Earths (ASX: IXR) and US Strategic Metals (USSM) have formed a joint venture (JV) to construct a $100 million magnet recycling plant in Missouri. The two companies have agreed to create a 50-50 JV to develop an integrated campus for the production of critical minerals and metals at USSM's 1,800-acre (728.4 ha) fully permitted site near Fredericktown.
The primary focus of the JV will be on building magnet and other rare earth recycling facilities to process recycled permanent neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo) magnets and magnet scrap. USSM will contribute $95 million, while Ionic USA and USSM will each contribute $5 million in equity to fund the initial NdFeB and SmCo magnet recycling facilities.
Ionic Technologies, a wholly owned subsidiary of Ionic Rare Earths, will provide a non-exclusive license to its magnet recycling technology under the JV. The companies believe that this JV will provide a practical and capital-efficient method for building rare earth magnet recycling capacity in the United States, a key factor in establishing a secure, sovereign, and sustainable rare earths supply chain.
Written by urgent.news from Mining.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
