Ionic Rare Earths ties with Ford in Belfast magnet recycling venture

Ionic Rare Earths

12/09/2023 02:12

By Melanie Burton
       MELBOURNE, Sept 12 (Reuters) - Ionic Rare Earths
 IXR.AX  said on Tuesday it has received UK government
investment to build a commercial rare earth magnet recycling
facility in Belfast that will supply Ford's  F.N  electric
vehicle production facilities in the country. 
    The developer will produce high purity, separated rare earth
metals at a commercial plant in Belfast, which it will supply to
Less Common Metals (LCM) for alloy production, and which will
eventually be converted into magnets for Ford's local EV
production, it said in an Australian stock exchange release. 
    "The project... is a strategically important step to secure
the supply of sustainable rare earth materials to support growth
of electric vehicles," Simon Palmer, a chief engineer at Ford's
European operations, said in the statement.
    Shares rose by as much as 20% before settling at A$0.029. 
    The UK government will support the partnership with an
investment of £2 million ($2.50 million) as part of its push to
support circular economy magnet rare earths, as the West
diversifies supply chains away from China which produces almost
all the world's magnet supply. 
    Rare earths are the most magnetic of all metals, used in
applications from wind farms to EVs to defence.
    Ford currently has four drive production facilities
globally. The majority of Ford’s European Union (EU) production
will come from its UK-based Halewood facility which is planning
to produce close to half a million units per annum by 2026. 
    To support production at this facility there will be a
requirement for over 600 tonnes of magnet raw material per
annum, it said in the release.  
    
    

($1 = 0.7997 pounds)

 (Reporting by Melanie Burton; Editing by Michael Perry)
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