Corporations enter right into a Memorandum of Understanding (MOU) to develop a industrial partnership
ReElement will make the most of its proprietary expertise for lithium conversion and manufacturing of battery-grade lithium carbonate from concentrated spodumene ore produced from IRIS Metals
FISHERS, IN / ACCESSWIRE / October 10, 2024 / American Assets (NASDAQ:) Company (NASDAQ:AREC) (“American Assets” or the “Firm”) introduced at this time that its wholly owned subsidiary, ReElement Applied sciences Company (“ReElement”), a number one supplier of high-performance refining capability for uncommon earth and important battery components, has signed a Memorandum of Understanding (MOU) with IRIS Metals Restricted (“IRIS”) for downstream lithium conversion and the manufacturing of battery grade lithium carbonate equal (LCE). The MOU follows the profitable manufacturing of 6% spodumene focus (SC6) from IRIS Metals’ flagship Beecher Lithium Challenge within the Black Hills (NYSE:) of South Dakotaandrelates to potential future spodumene focus manufacturing.
IRIS Metals Chairman, Peter Marks, commented, “The staff at IRIS Metals is thrilled with the brand new partnership with ReElement. This collaboration is ready to remodel our focus into battery-grade lithium carbonate proper right here within the US, utilizing homegrown expertise and processes. It is a pivotal step that not solely elevates IRIS from explorer to near-term producer, but additionally strengthens our dedication to a completely home provide chain. IRIS is on monitor to announce a maiden mineral useful resource estimate at Beecher and we stay formidable to develop right into a multi-project lithium enterprise within the coming years.”
Mark Jensen, CEO of ReElement Applied sciences added, “Securing dependable lithium sources is essential for bolstering our built-in provide chain and aligns with ReElement’s dedication to being a number one and sustainable producer of ultra-pure, refined uncommon earth and important battery components. We make the most of probably the most value efficient and environmentally protected strategies developed up to now, and I am assured that the MOU with IRIS Metals will set up a powerful basis for our joint efforts to speed up enterprise development and seize alternatives that deal with each the electrified economic system and nationwide safety wants.”
Underneath the MOU between IRIS Metals and ReElement, the events purpose to transform US-origin SC6 into battery-grade lithium carbonate inside the US, using ReElement’s proprietary mental property and industrial processes. This improvement signifies IRIS Metals’ development from an exploration firm to a near-term producer and provider of lithium carbonate equal (LCE), leveraging a completely home provide chain.
IRIS’s Beecher undertaking is already licensed for manufacturing, and ReElement is advancing from its Buyer Qualification Plant in Noblesville, Indiana to its commercial-scale essential mineral refining plant at their 42-acre campus in Marion, Indiana. Collectively, the events are positioned as an imminent new home provider of lithium carbonate, providing absolutely Inflation Discount Act (IRA) compliant lithium items to the increasing US market. This partnership is a pivotal step in the direction of fulfilling America’s essential mineral necessities.
Following the signing of this MOU and the profitable demonstration-scale conversion trial, extra bulk testing and definitive discussions for commercialization and manufacturing ramp-up are deliberate. IRIS Metals goals to start home SC6 manufacturing in 2025, whereas ReElement scales into its large-scale industrial operations in Marion, Indiana.
ReElement makes use of its patented expertise for the separation and purification of uncommon earth and important battery and protection materials. Not like typical solvent-based, hydrometallurgical processes that depend on poisonous acids and solvents, ReElement maximizes floor space interface through the use of columns and resins. This modern software of this longstanding expertise considerably reduces CapEx, bodily footprint, environmental influence, chemical utilization, leading to decrease OpEx for mineral separation, purification and refinement.
The expertise was developed over many years, drawing on experience from commercially working processes utilized in industries similar to sugar refinement (for fructose and glucose) and pharmaceutical manufacturing, together with industrial manufacturing of insulin.
ReElement Applied sciences is devoted to main the home provide chain for refined uncommon earth and important battery components, addressing each the electrified economic system and nationwide safety wants. The Firm has demonstrated that its patented chromatographic separation and purification expertise is a value efficient, scalable, versatile and environmentally protected various to the legacy processes, that are each environmentally and socially dangerous. Because the Firm expands and scales manufacturing throughout its personal and associate services, it would play a key function in lowering U.S. dependence on overseas sources of essential uncooked supplies whereas additionally fostering a real round life-cycle resolution.
Study extra about ReElement Applied sciences’ course of and expertise right here – Video.
About ReElement Applied sciences Company
ReElement Applied sciences Company, a completely owned subsidiary of American Assets Company (NASDAQ:AREC), is a number one supplier of high-performance refining capability for uncommon earth and important battery components. Its multi-mineral, multi-feedstock platform expertise focuses on the refining of recycled materials from uncommon earth everlasting magnets and lithium-ion batteries, concentrated ores and brines, in addition to coal-based waste streams and byproducts to create a value efficient and environmentally-safe, round provide chain. ReElement has developed its modern and scalable “Powered by ReElement” course of which collaboratively makes use of its completely licensed mental property inside its companions’ materials processing move sheets to extra effectively assist the worldwide provide chain’s rising demand for magnet and battery-grade merchandise. For extra data go to reelementtech.com or join with the Firm on Fb (NASDAQ:), Twitter, and LinkedIn.
About IRIS Metals
IRIS Metals Ltd (ASX:IR1) is an exploration firm with an intensive suite of property thought of to be extremely potential for arduous rock lithium situated in South Dakota, United States (US). The corporate’s giant and increasing South Dakota Challenge is in a mining pleasant jurisdiction and offers the corporate with sturdy publicity to the battery metals house, and the incentives supplied by the US authorities for domestically sourced essential minerals.
The Black Hills have an extended and proud historical past of mining courting again to the late 1800s. The Black Hills pegmatites are well-known for having the most important recorded lithium spodumene crystals ever mined. In depth fields of fertile LCT-pegmatites outcrop all through the Black Hills with important volumes of lithium spodumene mined in quite a few places.
To be taught extra, please go to: www.irismetals.com
About American Assets Company
American Assets Company is a next-generation, environmentally and socially accountable provider of high-quality uncooked supplies to the brand new infrastructure market. The Firm is concentrated on the extraction and processing of metallurgical carbon, a vital ingredient utilized in steelmaking, essential and uncommon earth minerals for the electrification market, and reprocessed steel to be recycled. American Assets has a rising portfolio of operations situated within the Central Appalachian basin of jap Kentucky and southern West Virginia the place premium high quality metallurgical carbon and uncommon earth mineral deposits are concentrated.
American Assets has established a nimble, low-cost enterprise mannequin centered on development, which offers a major alternative to scale its portfolio of property to fulfill the rising world infrastructure and electrification markets whereas additionally persevering with to accumulate operations and considerably scale back their legacy trade dangers. Its streamlined and environment friendly operations are capable of maximize margins whereas lowering prices. For extra data go to americanresourcescorp.com or join with the Firm on Fb, Twitter, and LinkedIn.
Particular Notice Relating to Ahead-Wanting Statements
This press launch accommodates “forward-looking statements” throughout the which means of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements contain recognized and unknown dangers, uncertainties, and different necessary components that might trigger the Firm’s precise outcomes, efficiency, or achievements or trade outcomes to vary materially from any future outcomes, efficiency, or achievements expressed or implied by these forward-looking statements. These statements are topic to a variety of dangers and uncertainties, a lot of that are past American Assets Company’s management. The phrases “believes”, “might”, “will”, “ought to”, “would”, “might”, “proceed”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or related expressions are supposed to establish forward-looking statements, though not all forward-looking statements comprise such figuring out phrases. Any forward-looking statements included on this press launch are made solely as of the date of this launch. The Firm doesn’t undertake any obligation to replace or complement any forward-looking statements to mirror subsequent occasions or circumstances. The Firm can not guarantee you that the projected outcomes or occasions can be achieved.
Investor Contact:
JTC Group, LLC
Jenene Thomas
(908) 824 – 0775
[email protected]
RedChip Corporations Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
[email protected]
Firm Contact:
Mark LaVerghetta
317-855-9926 ext. 0
[email protected]
IRIS Metals Contacts:
Firm:
Peter Marks
[email protected]
Investor & Media:
Melissa Tempra
[email protected]
SOURCE: American Assets Company
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