Ionic Rare Earths project mining licence signed by Ugandan Government

Large Scale Mining Licence (LML) 00334 was officially signed on 17 January 2024, at a ceremony in Kampala, by the Ugandan Minister of Energy and Mineral Development (MEMD), the Honourable Dr Ruth Nankabirwa Ssentamu. The award represents the first large-scale mining licence to be issued in Uganda under the Mining Act of 2022. This further supports the flagship project status awarded to Makuutu in 2022 and reflects the strong support received from Uganda in the development of the Project towards operations.

In December 2023, IonicRE announced an agreement with partners in Rwenzori to increase the Company’s stake in Rwenzori and the Makuutu Project from 60% to 94%, and further to this is also in discussions with partners on the remaining 6% ownership.

Ionic Rare Earths Managing Director, Mr Tim Harrison, said the formal mining licence award has been a diligent process as the Ugandan stakeholders wanted long-term investment security for flagship projects:

“The official award of the mining licence is a tremendous achievement by all stakeholders involved,” Harrison added. “We thank the Ugandan Government, and having navigated the new process together, we look forward to continue to invest in our Project at Makuutu as we advance towards operations.”

“The formal awarding of the mining licence at Makuutu to Rwenzori enables discussions with potential strategic and supply chain partners to progress to the next stage to bring Makuutu and a new supply of magnet and heavy rare earths to market.”

“With this award, and discussions underway with potential partners, the Project is aiming for Final Investment Decision later this year, and first product to customers in early 2026.”

“Progress continues to be made at Makuutu’s Demonstration Plant, which will also be critical in de-risking the commercialisation of the Project through the production of value added, mixed rare earth carbonate (MREC) for our partners to qualify and validate.”

“It is an important step forward for Ionic Rare Earths in mining, refining, and recycling the heavy rare earths critical for the energy transition, advanced manufacturing, and defence.”

“With the formal award of the mining licence in Uganda, it now reinforces the Makuutu Heavy Rare Earth Project as one of the world’s largest and most advanced development-ready heavy rare earth element assets, and we look forward to commissioning our Demonstration Plant at Makuutu.”

Read the article online at: https://www.globalminingreview.com/mining/19012024/ionic-rare-earths-project-mining-licence-signed-by-ugandan-government/