The Australian high-tech group IperionX has received important permits for its titanium project in Tennessee. The titanium deposit is the largest known deposit of its kind in the USA. The permits bring IperionX a decisive step closer to its goal of establishing a domestic supply of the light metal. To date, the USA imports more than 80 percent of the titanium it needs. IperionX is now moving forward with the development of the mine in order to be able to establish a sustainable and cost-effective domestic supply chain for the aerospace and defense industry in the future.
This project is essential for the security of supply of titanium and rare earths, which are needed for industries such as defense, electromobility and renewable energy. With the goal of reviving a sustainable and cost-effective titanium supply in the U.S., IperionX aims to close the complete cycle from titanium extraction to recycling.
The approval was made possible after intensive community outreach and extensive educational work on sustainability at the Titanium Project. The company emphasized its “sustainability first” strategy, which was initiated in January 2021 by opening an office in Camden, Tennessee. Here, transparent communication channels for stakeholders of the project could be established.
The Titan project has the potential to make the U.S. less dependent on mineral imports from abroad. The initial assessment of the project from 2022 shows promising economics, including an expected annual EBITDA of approximately $117 million.
Furthermore, IperionX is exploring the possibility of using its innovative titanium technologies to upgrade ilmenite at the Titan project to produce high-grade, low-carbon “Green Rutile TM”.
Anastasios (Taso) Arima, IperionX CEO 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 re-shore critical material supply chains, with our key focus on building a sustainable and low cost titanium mineral to metal supply chain. 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.”