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Highlights
- Ionic Rare Earths JV eyes US refinery to bolster rare earth supply chain
- Expansion leverages Makuutu’s high-value REE product basket
- Strategic move follows critical mineral export curbs by China
Ionic Rare Earths Ltd (ASX:IXR) is expanding its footprint in the global rare earths market through its joint venture, Viridion, with plans to establish a rare earth refinery in the United States. This initiative aims to support a more secure and diversified global supply chain for high-value magnet and heavy rare earth oxides (REOs), which are essential in manufacturing electric vehicles, wind turbines, and defence technologies.
Viridion, co-owned equally by Ionic Rare Earths and Viridis Mining and Minerals Ltd (ASX:VMM), is already spearheading refining and recycling operations in Brazil. The proposed US facility builds on this momentum, driven by increasing strategic interest from American manufacturers and a pressing need for rare earth alternatives outside China. This interest intensified after China introduced export restrictions on critical minerals in April 2025.
The joint venture recently achieved a key milestone by producing Brazil’s first locally sourced recycled magnet REOs and secured backing under a A$1.4 billion Brazilian national strategic minerals program. This progress reflects growing global support for rare earth supply initiatives beyond traditional channels.
The United States expansion would leverage a 2023 internal scoping study from Ionic Rare Earths for a refining facility processing mixed rare earth carbonate (MREC) from the company’s Makuutu Rare Earths Project in Uganda. Notably, the Makuutu resource boasts approximately 45% medium and heavy rare earth content, positioning it among the highest globally and free from ties to Chinese processing networks.
Viridion’s goal is to fast-track estimates for refining capacities in both Brazil and the US to initiate detailed discussions with American stakeholders and potential partners. These plans come amid ongoing evaluations of refinery sites and integration into domestic supply chains.
The US refinery could receive MREC feedstock either from Brazil or directly from Makuutu, and would focus on creating value-added REO products. The broader aim is to support the US in building a sovereign, sustainable rare earth supply chain, especially for critical sectors.
Formed in 2024, Viridion holds exclusive rights (excluding Asia and Uganda) to deploy Ionic Rare Earths’ UK-based subsidiary’s proprietary separation and magnet recycling technology. The company’s expansion into North America marks another step in its vision for a circular, traceable supply chain model that spans mining, recycling, and refining.
As one of the rising players in the ASX200 stocks category, Ionic Rare Earths’ strategic moves are aligned with global calls for resilient, diversified rare earth sourcing to reduce dependency on single-nation suppliers.
