Ionic Rare Earths inches closer to obtaining mining licence for Makuutu REE project
Proactive Investors
Published Oct 20, 2023 10:22
Updated Oct 20, 2023 11:00
Ionic Rare Earths inches closer to obtaining mining licence for Makuutu REE project
The Makuutu Heavy Rare Earths Project, 60% owned by Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) (IonicRE), is set to become Uganda’s flagship mine after the Ugandan Directorate of Geological Survey and Mines (DGSM) approved the company’s large-scale Mining Licence Application TN03834.
The approval paves the way for the formal issuance of the mining licence once the first annual fees have been paid and land access has been verified by the Ugandan authorities.
MLA TN03834 covers Retention Licence (RL) 1693, which is the focus of IonicRE’s stage one feasibility study for the project announced in March.
Strong government support
The Makuutu project enjoys strong support from the Ugandan government, in particular the Minister for Energy and Mineral Development Dr Ruth Nankabirwa Ssentamu, who spoke highly of the project at the Africa Down Under Mining Conference early last month.
The approval follows the gazetting of the updated Mining and Minerals (Licencing) Regulations 2023 to provide a clear framework for mineral development in Uganda, and the company’s subsequent submission of documentation, which was reviewed and approved by the DGSM.
The first stage of MLA TN03834 covers about 44 square kilometres of the project’s near 300 square kilometres of tenements at Makuutu.
Makuutu Project Stage 1 MLA TN03834 (red border).
Important milestone
“We are pleased with the announcement today that the DGSM has officially approved for granting the large-scale Mining License TN03834 over RL 1693, which now completes all regulatory approvals on the award of the mining licence for the Makuutu Heavy Rare Earth Project,” Ionic Rare Earths managing director Tim Harrison said.
“This is a vital step for Ionic Rare Earths and Rwenzori (IonicRE’s local Ugandan operating entity) and in mining, refining and recycling heavy rare earths critical for the energy transition, advanced manufacturing and defence.
“This announcement reinforces the Makuutu Project as one of the world’s largest and most advanced development-ready heavy rare earth element assets, and we look forward to progressing the next steps and commissioning our demonstration plant at Makuutu.”
READ: Ionic Rare Earths progresses construction of demonstration plant at Makuutu in Uganda
Read more on Proactive Investors AU
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