Ionic Rare Earths Advances Drilling Works at Uganda’s Makuutu Project

Rare Earths. Bigstock

IconicRE is implementing the drilling campaign to identify areas of further growth of the Makuutu project – the world’s largest and most advanced ionic adsorption clay rare earth element deposits – while planned drilling at RL00007 will help identify existing and new resources to support the firm’s renewal of the Mining Licence before the end of November 2024.

The mining firm estimates its 37km operational corridor at Makuutu has 532 million tons of rare earth oxide in reserves with the mine’s initial lifespan estimated at 35 years. IconicRE says it is confident Uganda’s new mining policies which are set to be enacted this June will help fast track and ease the approval of the company’s growth plans at Makuutu.

“Growing the resource and defining more growth potential is a key discussion point with several potential strategic partners looking at securing the potential product from Makuutu to underpin their heavy rare earth demands in the near term to support the new economy of electrification, advanced manufacturing, and defence,” Ionic Rare Earths Managing Director Mr. Tim Harrison said.

With the demand for magnet and rare earth minerals expanding, the company believes Makuutu represents a low capital development which will ensure a sustainable supply of critical minerals to support the global energy transition and industrial developments.

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Onur Yilmaz

Onur Yilmaz

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