Ionic increases stake in Makuutu
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.
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