Proposed facilities at US Strategic Metals' 1,800-acre site near Fredericktown to process NdFeB and SmCo magnets and magnet scrap, with evaluation of other heavy rare earth recycling also intended. A non-binding term sheet proposes a 50-50 JV between Ionic Rare Earths USA and US Strategic Metals and a non-exclusive technology licence from Ionic Technologies. Intended US$100 million initial funding comprises US$95 million from USSM and US$5 million equity split equally between the parties. Formation remains conditional on definitive agreements, capital contributions and other agreed documentation and matters; there is no certainty the term sheet will take effect.
- Country
- United States
- Commodity
- REE