Ionic Technologies International, a mining company specializing in rare earth elements, has recently obtained a mining license for the Makuutu project in eastern Uganda. The project, which consists of six licenses, is located 40 km east of Jinja and 120 km east of Kampala. With a total area of 298 km², the Makuutu project is home to heavy rare earth oxides that can be easily extracted using simple mining and processing methods.
The initial stage of the mining license covers 44 km² of Makuutu’s tenements, with Ionic planning to build a demonstration plant at the site. This move follows a positive feasibility study conducted earlier this year. Managing Director Tim Harrison stated, “This announcement reinforces the Makuutu Project as one of the world’s largest and most advanced development-ready heavy rare earth element assets, and we look forward to progressing the next steps.”
Ionic Technologies International, a UK subsidiary of Ionic, has developed innovative processes for the separation and recovery of rare earths from mining ore concentrates and recycled permanent magnets. The company is focused on commercializing this technology.
According to Ionic Rare Earths, the mine is expected to operate for at least 35 years, producing a rich magnet and heavy rare earth carbonate (MREC) product basket. This exciting development has caused Ionic’s share price to surge by more than 18%, leaving the company with a market capitalization of A$113.14 million ($72 million).