IperionX, a North Carolina-based titanium producer, has secured key permits for the development of its Titan project in west Tennessee in the US.
The company obtained National Pollutant Discharge Elimination System and Surface Mining permits from the Tennessee Department of Environment & Conservation.
Remaining regulatory requirements of the project are expected to be completed by the end of this year.
Considered to be one of the largest resources of titanium and rare earth rich mineral sands in the US, the Titan project is the cornerstone asset of IperionX in plans to build a domestic supply of titanium and rare earth minerals needed for defence, electric vehicles (EVs) and renewable energy industries.
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In order to meet the increasing demand for sustainable and low-cost titanium metal, the company plans to reshore the titanium towards the US supply chain and close the loop of this supply chain by recycling the metal.
The company, in its scoping study, estimated that the in-situ metal content of titanium and rare earth minerals from the project have the potential to produce nearly 60,500 Boeing 787 aircrafts and 24 million EVs.
It can also fully suffice the titanium and heavy rare earths needed by the US Department of Defense towards national security.
The study estimated that the project can annually bring earnings before interest, taxes, depreciation and amortisation of around $117m, an after-tax net present value of roughly $692m and an after-tax internal rate of return of around 40%.
IperionX CEO Anastasios Arima said: “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 reshore critical material supply chains, with our key focus on building a sustainable and low-cost titanium mineral to metal supply chain.”