Ionicre Moves To 60% Ownership Of Makuutu Rare Earths Project

The Board of Ionic Rare Earths Limited (“IonicRE” or “The Company”) (ASX: IXR) is pleased to advise, that following on from the positive Makuutu Stage 1 Definitive Feasibility Study (DFS) which showed that Makuutu would have an initial 35 year mine life with EBITDA of A$2.29 billion and an IRR of 32.7% (ASX: 20 March 2023), and subsequent advice that approval from the Ugandan Ministry of Energy and Mineral Development (MEMD) to progress the construction of a technical facility and Demonstration Plant at the Makuutu Mine Site had been received (ASX: 11 April 2023), that the Company has moved to 60% ownership of Ugandan subsidiary Rwenzori Rare Metals Limited (“RRM”) which owns 100% of the Makuutu Rare Earths Project.

The Company continues to engage with stakeholders in the Ugandan Government on the status of Mining Licence Application (MLA) TN03834 over the central Makuutu tenement RL 1693. Pleasingly, the Ministry has made progress in upgrading its mineral licencing system to align it with the provisions of the Mining and Mineral Act 2022 and is in the final stages of developing the Mineral and Mineral Licencing Regulations, 2023.

The Company will update the market as news is available on progress of the MLA.

Click here for the full ASX Release

This article includes content from Ionic Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.