IperionX books US contract

US-focused Perth company IperionX has been awarded a contract for up to $74 million funding to develop a low-cost mineral-to-metal titanium supply chain.

IperionX released a statement on the Australian Securities Exchange today, announcing the US Department of Defense awarded it a contract for up to $US47.1 million, or $A74 million, in funding.

The funding would allow IperionX to accelerate development of a mineral-to-metal titanium supply chain at the US Defense Industrial Base.

IperionX chief executive Anastasios Arima said the award was a pivotal moment in the company’s mission to reshore the US titanium industry.

“For too long, American industry has been reliant on foreign-controlled supply chains for this critical high-strength metal,” he said.

“IperionX’s proprietary technologies, combined with the Titan Project, offer a pathway for a resilient end-to-end U.S. titanium supply chain.”

The US Department of Defense has invested $US70.7 million, or $A111.01 million, for a two-year, two-phase development program at IperionX, the company said in its ASX announcement.

Shares in IperionX were trading at $A4.40 each, up 6.54 per cent, as of market close today.