Australia's Ionic Rare Earths rises on Uganda plant production schedule

Ionic Rare Earths

10/11/2023 01:23

** Shares of Ionic Rare Earths Ltd  IXR.AX  rise as much as
15% to A$0.023 in their biggest intraday pct jump since Sept. 15
    ** Mineral explorer says first rare earth production from
Makuutu demonstration plant in Uganda is on track for Q1 2024
    ** Says rare earth products will be sent to potential
customers and off takers who have showed interest in partnering
with co once plant becomes operational 
    ** Says Makuutu project contains 71% high-value magnet and
heavy rare earths content 
    ** Co's shares hit highest level since Oct. 30 
    ** About 14.7 mln shares change hands, compared with the
30-day average trading volume of 6.2 mln shares 
    ** Stock down 39.4% YTD, as of last close

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))