ASX-listed IperionX announced the receipt of pivotal development permits for the Titan Project located in Tennessee, which is touted as the United States’ most significant JORC-compliant resource of titanium and rare earth-rich mineral sands.
These approvals, according to IperionX, attest to the Titan Project’s significance, establishing it as a cornerstone in the company’s aim to develop a robust and sustainable local supply chain for titanium metal.
The Tennessee Department of Environment & Conservation has formally issued the principal development permits, including the National Pollutant Discharge Elimination System (NPDES) Permit and Surface Mining Permit.
The company said it expects to complete all remaining regulatory requirements for the Titan Project before the end of the year.
According to IperionX, this accomplishment is the result of more than two years of committed community involvement and education on the Titan Project’s long-term growth.
In 2022, IperionX conducted an Initial Assessment (Scoping Study) on the Titan Project, indicating its economic potential and the community has responded positively to the efforts.
The analysis estimated an annual EBITDA of around USD 117 million, an after-tax NPV8 of USD 692 million, and a 40 per cent after-tax IRR.
IperionX stated that the Titan Project benefits from a US jurisdiction that is distinguished by affordable energy costs, first-rate infrastructure, a competent workforce, favourable tax rates, substantial domestic demand, and a profusion of U.S. government incentives and funding opportunities.
The company is currently exploring a number of development funding and incentive opportunities from the US government.
The Titan Project’s offtake and funding have garnered significant interest from a number of the firm’s top strategic partners, with whom the company is concurrently in contact.
Anastasios Arima, CEO of IperionX described the recent announcement as an important milestone for the company.
“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,” he explained.
Arima stated that the IperionX team did an outstanding job of moving from mineral discovery to the granting of key permits in just three years.
“[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,” he concluded.
IperionX said the Titan Project is recognised as one of the most advanced critical mineral ventures in the United States, playing a significant role in assuring titanium and rare earth supply chain security.
According to the ASX-listed business, these components are critical for the defence, electric vehicle, and renewable energy industries.
IperionX also said it is devoted to re-shoring a sustainable U.S. titanium mineral-to-metal supply chain in response to the growing need for sustainable and cost-effective titanium metal.
Furthermore, by incorporating titanium metal recycling, the company said it hopes to improve the sustainability of this supply chain.
