Australia's Ionic Rare Earths jumps on MoU for magnet production supply chain

Ionic Rare Earths

27/05/2024 03:55

** Shares of Ionic Rare Earths  IXR.AX  rise as much as 8.3%
to A$0.013, set for best day since mid-April
    ** Co says it signed a 12-month non-binding Memorandum of
Understanding (MoU) with UK-based Less Common Metals
    ** The deal is for building a Western supply chain for rare
earth permanent magnet production, co says
    ** However, it did not provide financial details of the MoU
    ** IXR down 53.9% YTD, as of last close

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))