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Ionic increases stake in Makuutu

13th April 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Ionic Rare Earths’ shareholding in the Makuutu rare earths project, in Uganda, has increased to 60% following the completion of the Stage 1 definitive feasibility study (DFS) and approval from the Ugandan Ministry of Energy and Mineral Development to progress the construction of a demonstration plant.

The Stage 1 development of the Makuutu rare earths project will require a capital investment of $120.8-million to support the five-million-tonne-a-year project, which would deliver 40 090 t of rare earth oxide equivalent product.

The DFS anticipated rare earth oxide production of 1 300 t/y over the first ten years, averaging 1 160 t/y over an anticipated 35-year mine life.

Ionic told shareholders on Thursday that the company continued to engage with stakeholders in the Ugandan government on the status of the mining licence application.

Edited by Creamer Media Reporter

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