Ionic Rare Earths on track to be first ASX producer of rare earth oxides from recycled wind turbines
Melbourne, Victoria
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March 19, 2024 11:00 AM Eastern Daylight Time
Ionic Rare Earths Ltd (ASX:IXR) managing director Tim Harrison joins Jonathan Jackson in the Proactive studio as the company sets itself to become the first ASX-listed company to produce magnet rare earth oxides (REOs) from recycled wind turbines. Harrison highlights the company's journey towards becoming a major producer of recycled separated magnet REO, a milestone that positions IonicRE as a frontrunner in establishing a sustainable supply chain outside China.
IonicRE's innovative approach targets the recycling of permanent magnets from decommissioned wind turbines, a market that is rapidly expanding, particularly in Europe. The company's Belfast Demonstration Plant is making significant strides in magnet REO production, with a focus on the processing of NdPr/DyHo separation following the successful creation of mixed REO products.
In 2023, the European wind energy sector saw the decommissioning of 736 MW of power across nine countries, indicating a substantial opportunity for IonicRE's recycling initiative. With more than 3,000 wind turbines in Ireland alone, IonicRE is at the forefront of delivering a secure, clean and green supply chain, crucial for the wind farm industry and broader renewable energy sectors in achieving global decarbonisation goals.
The company's executive chairman Brett Lynch said: “This is a major step forward in the development of an ex-China supply chain, with IonicRE offering the potential to become the first and only REO recycler from wind turbine magnets in the Western world.
“The size of the prize is significant, given the tremendous rate of growth in the wind turbine market, particularly given our proximity to the UK and Northern Ireland wind farms market with the Port of Belfast on our doorstep.
"With over 3,000 wind turbines located across the island of Ireland, the opportunity is compelling."
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
