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HXG Commences Funding the Commercialization of RapidSX™ Rare-Earth Elements Separation Technology

Written by Customer Service on . Posted in Public Companies.

TORONTO, Dec. 18, 2019 (GLOBE NEWSWIRE) — Hexagon Energy Materials Limited (ASX:HXG) (“HXG”, “Hexagon” or the “Company”) is pleased to announce that it has commenced funding of the Phase-One commercialization of RapidSX™ rare-earth element (“REE”) separation technology for REE concentrates.
Per HXG’s October 10, 2019 ASX announcement (“Hexagon Enters US-based Rare Earth Downstream Processing Industry”), the Company has executed a binding Investment Agreement whereby Hexagon has secured an option to acquire a 49% interest in RapidSX™ for REEs – an advanced, proprietary low-cost downstream REE separation technology developed and piloted by Innovation Metals Corp. (“IMC”). With US$1.8 million in funding assistance from the US Department of Defense, IMC’s proprietary RapidSX separation technology holds the potential to cost-effectively enable current and future REE producers to move downstream into REE separation. This would potentially mitigate current concerns about the extreme concentration of the REE supply chain with greater participation by Western producers and manufacturers.HIGHLIGHTS

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