ASX-listed Ionic Rare Earths has entered into a binding term sheet to acquire a UK-based rare earth separation technology company called Seren Technologies (SerenTech).
SerenTech has a patent and “know-how” licence from Queens University Belfast allowing it to develop and commercialise technology relating to multifunctional amide ionic liquids (MAIL) for the separation of rare earth metals.
The company has also developed further know-how in this area and lodged four global patents, which provides a pipeline of opportunities in which to deploy the technology.
The technology uses MAIL for the separation and refining of rare earth elements, including the full contingent of metals to be mined at Ionic’s Makuutu project, in Uganda. The mine’s resources include lanthanum, lutetium, scandium and yttrium.
The acquisition is another step in Ionic’s transition to a vertically integrated rare earths company.
“The addition of SerenTech to the group will provide the company with additional capability for rare earth separation [and] to have individual rare earth elements refined to high-purity oxides, which will further advance our plan to unlock additional value from the unique critical and heavy rare earth basket to be produced at Makuutu,” says Ionic MD Tim Harrison.
The acquisition of SerenTech provides Ionic with an immediate rare earth separation and refining capability to target high-purity products, notably the recycling neodymium magnets.
SerenTech has demonstrated its capability to separate magnet rare earths – neodymium, praseodymium, dysprosium and terbium.
This presents an opportunity for targeted deployment in key markets in the US, Europe and Asia where existing inventories of magnets exist and where the current recycling technology fails to be able to achieve similar rare earth element extraction results, thereby providing a step-change advantage and the ability to take an early mover position in new neodymium/praseodymium supply.