an advanced-stage, low-capital, long-life, Ionic Adsorption Clay (IAC) project located in Uganda. The Makuutu Project is one of the few proven IAC deposits globally, with scale to “move the needle on heavy REO supply for the new economy – for 50 years and beyond”. The project, set to become Uganda’s flagship mine, has secured a mining license and successfully commissioned a demonstration plant that is producing material. A final investment decision is expected in 2026, delayed whilst the west defines downstream processing capacity to process Makuutu’s strategic heavy REE basket. The Makuutu deposit, located 120 km east of Kampala in Uganda, comprises six licenses covering approximately 300 km². The project is well-supported by existing tier-one infrastructure and is on track to become a long-life, scalable and sustainable supplier of high-value magnet and heavy rare earth oxides. “Bringing Makuutu to market provides IonicRE with a secure flow of both magnet and heavy rare earths to grow the supply chain beyond our initial recycling capabilities. It will also require the establishment of a rare earth refinery, with the capacity to process and separate heavy rare earths – a domain that’s been completely dominated by China. Given that the development of Makuutu depends on a downstream supply chain being developed, we are involved in a series of discussions around new supply chains that depend on heavy rare earths for western markets. This is very exciting.” Harrison anticipates first commercial production from the Makuutu project as early as 2028. n
Rare earth separation technology with IP developed by IonicRE at Queens University Belfast (QUB).
De-magnetised magnets, crushed magnets, and milled magnets – prior to processing to extract magnet REOs.
strategic advantage in magnet recycling in the country.” Commercial production of magnet recycling in the US is earmarked for 2027, though the company is in discussions to accelerate efforts. Advancing the Makuutu project in Uganda “While there is no shortage of rare earth minerals in the ground globally, the challenges for the industry are around getting the right heavy rare earths, and building capacity for processing. What we need is material with the right blend of REEs to offer a strategic value in the supply chain, which is what we have in the shovel-ready Makuutu project,” says Harrison. Ionic Rare Earths holds a 60% stake in Rwenzori Rare Metals, the Ugandan company that owns the Makuutu Project,
an incredibly large opportunity in decades to come.” In a recent development, an emerging markets investment firm, Argentem Creek Partners, made a strategic US$2 million investment into IonicRE. This was part of a larger AU$15.6 million capital intended to boost IonicRE’s global expansion initiatives. “It is fantastic news that we have been able to attract a strategic partner like Argentem Creek, which shares our vision. With Argentem’s strong network in the US, Europe, the Middle East and South America, we expect to be able to open several other doors in partnership with governments and investment institutions that will strengthen our overall strategy. Recently, other strategic investors, partners, and supply chain collaborators have come forward to work with us and our technology.” The company’s aim in building capacity in the US is “to provide IonicRE with a
REEs • REEs are a group of 17 elements, including the 15 lanthanides plus
scandium and yttrium, that have unique magnetic, fluorescent, and electrical properties. • These elements are crucial for modern technology, from consumer electronics like smartphones, to defence systems, electric vehicles, and medical equipment. • REEs, also known as the ‘vitamins of industry’, have exceptional properties that help to amplify the capabilities and qualities of other elements.
February 2026 | www.modernminingmagazine.co.za MODERN MINING 35
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