IperionX Limited has acquired key development approvals for the Titan Project in Tennessee, United States.
According to IperionX, the Titan Project is the United State’s largest JORC-compliant deposit of titanium and rare earth rich mineral sands, and it is a critical asset in the Company’s efforts to re-shore a robust and sustainable domestic supply chain for titanium metal.
The permits include the National Pollutant Discharge Elimination System (NPDES) Permit and the Surface Mining Permit, which the Tennessee Department of Environment & Conservation granted. Any remaining regulatory criteria for the Titan Project development are scheduled to be completed by the end of the year.
IperionX said the Titan Project is essential to ensuring the supply chain security of rare earths and titanium needed for the defence, electric vehicle, and renewable energy industries. IperionX intends to re-shore a sustainable titanium mineral to titanium metal supply chain in the United States and close the loop of this supply chain by recycling titanium metal to fulfil the growing demand for sustainable and less expensive titanium metal.
The Company added that the Project might be a substantial supplier of titanium and rare earth minerals, reducing dependency on foreign imports and boosting the low-carbon supply chain of the US industry. Its 2022 Initial Assessment projects an EBITDA of roughly ~$117 million, an NPV8 of $692 million, and an after-tax IRR of 40%. IperionX intends to use titanium technology to transform ilmenite into Green RutileTM, a low-carbon, high-grade mineral.
IperionX is advancing opportunities for funding and sales contracts for the Titan Project and re-shoring critical material supply chains in the United States. The United States now imports 80% of titanium minerals and 100% of separated rare earth oxides from other nations. Federal funding includes the Defence Production Act Title III program and Department of Energy programs such as the Inflation Reduction Act and the Bipartisan Infrastructure Act to assist environmentally responsible production, reuse, and recycling of critical minerals and materials.
“Successfully securing these key permits for the Titan Project – North America’s largest deposit of titanium and rare earth critical minerals – is an important milestone in our plan to re-shore critical material supply chains, with our key focus on building a sustainable and low cost titanium mineral to metal supply chain,” IperionX CEO Anastasios (Taso) Arima said.
“The IperionX team have done an outstanding job in progressing from mineral discovery to the grant of key permits in just three years, and we appreciate the significant support from our stakeholders in our Tennessee community with who we are committed to developing a world class operation that can play a key role in sustainably re-shoring American jobs and advanced industry,” Arima added.
