Ionic Rare Earths (ASX:IXR) has received support from the Hon Dr Ruth Nankabirwa Ssentamu, the Ugandan Minister for Energy and Mineral Development, for the Makuutu Heavy Rare Earths Project in Uganda.
The $90.76 million market capitalisation company’s Managing Director, Tim Harrison, met with Minister Ssentamu at the Africa Down Under Mining Conference 2023, which ran from 6 to 8 September in Perth, Western Australia.
Ssentamu says: “Uganda is committed to the development of its mining sector in line with the Mining and Minerals Act 2022 and its 2040 vision.
Under this framework, we look forward to granting approval of the mining licence application to Ionic Rare Earths and Rwenzori Rare Metals. This is a flagship project to establish Uganda as a strategic partner in global supply chains for heavy rare earths.”
Ionic says Australia’s Minister for Resources, Madeleine King, also spoke ‘highly’ of the partnership between Uganda and Australia represented by Makuutu.
The Minister noted that the abundance of natural resources in African nations that help produce critical clean energy technologies presents “great opportunities for us to work together across international borders”.
Ionic Rare Earths’s share price increased by 8.7% to close at $0.025 on Monday afternoon (11 September).
The company notes that new laws in Uganda’s mining sector have facilitated a ‘conducive mineral investment climate’.
Ionic Rare Earths is an ASX-listed miner, refiner, and recycler. As of 30 June 2023, the company had $11.117 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Ionic Rare Earths
