Ionic Rare Earths inks US$100M US joint venture deal
- Ionic Rare Earths signed a term sheet with US Strategic Metals to build magnet recycling facilities in Missouri.
- The joint venture includes US$100 million in funding, with USSM contributing US$95 million and both parties splitting a US$5 million equity contribution.
- The venture aims to accelerate magnet recycling in the US to help secure supply chains for critical minerals.
Ionic Rare Earths (ASX:IXR) executed a non-binding term sheet with US Strategic Metals to form a 50-50 joint venture targeting magnet recycling facilities in Missouri.
The agreement advances a previous memorandum of understanding announced on Nov. 10, 2025.
"The proposed JV will seek to provide IonicRE with a practical and capital-efficient method of building rare earth magnet recycling capacity in the US, the world's biggest economy," said Ionic Rare Earths Managing Director Tim Harrison.
Under the terms, the initial US$5 million equity contribution will fund front-end engineering design work for the 1,800-acre site, while the parties target definitive agreements by the end of 2026.
Following the announcement, the Ionic Rare Earths share price was up at $0.38.
The company focuses on developing critical mineral assets to support energy transition technologies.
Ionic Rare Earths also continues to progress its Makuutu Rare Earths project in Uganda alongside technology development via its UK subsidiary.
