News

Novare, a South African multidisciplinary asset manager and CWEIC Strategic Partner, together with ReElement Technologies Corporation, a subsidiary of Nasdaq-listed American Resources Corporation, have announced a $100 Million, or R1.8-billion rare earth and critical battery elements refining facility in Africa.

The milestone agreement represents a pivotal step toward establishing Africa’s inaugural critical and rare earth element refining facility, focused on producing high-purity elements essential for advanced technologies in both the commercial and defense sectors.

Novare will provide the necessary capital investment along with operational management. ReElement Technologies Africa will contribute its advanced chromatographic separation and purification platform technology along with project management expertise.

ReElement Technologies, partnering with Purdue University in the US, has created an innovative modular technology that enables refining facilities to be set up within existing buildings, streamlining the process and reducing costs. Novare’s Managing Director, Derrick Roper, discussed the proposed locations for these new facilities with CNBC Africa. The first phase will see the development of three facilities in strategic locations: Gauteng, South Africa; the Lobito Corridor; and Nigeria, which is rich in lithium deposits.

Ola Leepile, CEO of Novare Group, commented: “Novare is excited about this collaboration’s potential for securing reliable and quality critical mineral supplies. It aligns seamlessly with our vision of being an impactful investor by establishing Sub-Saharan Africa’s first battery and critical minerals manufacturing facility. Through this partnership, we are confident that value addition and resource beneficiation can be achieved locally.”

Read more here:  https://www.engineeringnews.co.za/article/agreement-signed-to-develop-r18bn-rare-earth-critical-battery-elements-refining-facility-in-africa-2025-02-10