Why has Ionic Rare Earths Achieved a Significant Milestone in Securing Land Access?
Ionic Rare Earths Limited (IonicRE - ASX: IXR) has announced a significant milestone in securing land access agreements for the Stage One development of the Makuutu Rare Earths Project (Makuutu) in Uganda. With over 90% of the 44km2 Mining Licence Application (MLA) covered by land access agreements, the project is advancing towards the issuance of the mining license.
Progress in securing land access agreements
IonicRE, through local Ugandan operating entity Rwenzori Rare Metals Limited (RRM), has been actively working to secure land access agreements for the Makuutu Project. The Ugandan government approved RRM's proposed process on September 15, 2023, and significant progress has been made since then.
Percentage of land access agreements secured
As of the announcement, land access agreements have been secured for over 92% of the MLA area, covering Bugweri District (94% completed), Bugiri District (84% completed), and Mayuge District (90% completed). The Company expects to finalize agreements for close to 100% of the MLA area within the next ten days.
Verification process by Directorate of Geological Survey and Mines (DGSM)
Once land access has been verified by Uganda's Directorate of Geological Survey and Mines (DGSM), formal issuance of the Mining Licence can occur.
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Representatives from the DGSM will commence field-based activities in the communities this week to verify land access, further progressing the licensing process.
Prospects and significance of the Makuutu Project
The Makuutu Rare Earths Project is one of the most advanced heavy rare earth projects globally, with the potential to supply new emerging supply chains in Europe, the US, and Asia. With a basket containing 71% magnet and heavy rare earths content, the project has garnered significant attention and government support, set to become Uganda's flagship mine.
Next steps for the Makuutu Project
With the progress made in securing land access agreements, IonicRE anticipates the award of the Stage 1 mining licence over TN03834 in the near future. The Company remains unaware of any additional requirements before the license is awarded, signaling a positive outlook for the project's development.
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