Hexagon Resources Ltds (ASX:HXG) shareholders have voted overwhelmingly to support the change of the companys name to Hexagon Energy Materials, reflecting Hexagons expanded strategy to include down-stream rare earth processing; rare earths also being a critical component of the high growth renewable energy, energy storage and electric vehicle sectors.
At Hexagons annual general meeting on Friday 22 November, chairman Charles Whitfield told shareholders: “We believe that the RapidSX rare earth element (REE) separation technology, developed by IMC that Hexagon has optioned, has the potential to transform the rare earths value chain as it fundamentally changes the economics around new REE project development.
“At the same time, Western businesses and governments are becoming increasingly focused on security of supply and the RapidSX process could unlock resources and supply chains to provide a competitive alternative for industry.”
Commercial demonstration plant
Hexagon managing director Mike Rosenstreich said: “Picking up on Charles remarks at the AGM, and given the strong support for Hexagons expanded strategy and entry into REE processing, we plan to start funding development of the Commercial Demonstration Plant forthwith.
“Initial work will comprise finalisation of the capital budget and schedule, leading to commencement of front-end engineering and design work so that ordering and construction can commence early in Q1 of 2020.
“To earn our 49% interest in American Innovation Metals (AIM) we need to fund the US$2 million build-out of the Demonstration Plant and global patent applications.
“We are very excited by this opportunity and with shareholder endorsement we want to get on with it.
“We look forward to working with IMCs principals to commercialise the RapidSX approach to meet the wide interest thRead More – Source
