American Resources’ ReElement, Exigo sign MOU for magnet recycling JV

American Resources (AREC)’ ReElement Technologies has signed a memorandum of understanding to enter into a joint venture agreement with Exigo Battery Solutions to have the joint venture entity utilize ReElement’s proprietary rare earth oxide refining technologies within the United States and in India along with Exigo’s ability to source, process, and supply rare earth concentrates to be efficiently and cost effectively refined to separated and purified 99.5%+ oxides. The goal of the joint venture is to grow the partnership to 2,000 metric tons or greater per year as part of the joint venture commercial relationship. Exigo will initially supply rare earth concentrates to ReElement’s Marion, Indiana facility to be refined to magnet grade oxides, with the goal of expanding thereafter by deploying ReElement’s technology to India to refine such rare earth elements.