6-K
IPERIONX Ltd (IPX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
Date: February 8, 2023
Commission File Number: 001-41338
IperionX Limited
(Translation of registrant’s name into English)
129 W Trade Street, Suite 1405
Charlotte, North Carolina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ | Form 40-F ☐ |
|---|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
The following exhibits are filed as part of this Form 6-K:
| Exhibit | Description |
|---|---|
| 99.1 | Corporate Presentation |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| IPERIONX LIMITED | |
|---|---|
| (registrant) | |
| Date: February 8, 2023 | By: /s/ Gregory Swan |
| Name: Gregory Swan | |
| Title: Chief Financial Officer |
Exhibit 99.1
Corporate Presentation February 2023 NASDAQ & ASX: IPX ABN 84 618 935 372
Disclaimers 4 Forward Looking Statements Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. Cautionary Statements and Important Information This presentation has been prepared by the Company as a summary only and does not contain all information about assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to securities. Any investment in the Company should be considered speculative and there is no guarantee that they will make a return on capital invested, that dividends would be paid, or that there will be an increase in the value of the investment in the future. The Company does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this presentation. Recipients of this presentation should carefully consider whether the securities issued by the Company are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. Competent Persons Statements The information in this document that relates to Exploration Results, Mineral Resources, Production Targets, Process Design, Mine Design, Cost Estimates, and Financial Analysis is extracted from IperionX’s ASX Announcement dated June 30, 2022 (“Original ASX Announcement”) which is available to view at IperionX’s website at www.IperionX.com. The Company confirms that a) it is not aware of any new information or data that materially affects the information included in the Original ASX Announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the Original ASX Announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the Original ASX Announcement. IPERIONX LIMITED ABN 84 618 935 372
Senior leadership team Anastasios “Taso” Arima Co-founder, Director & CEO Successful entrepreneur, founder of multiple $1billion+ companies, including most recently Piedmont Lithium (Nasdaq: PLL) Todd Hannigan Executive Chairman 25+ years of global experience in natural resources as company founder, CEO, private capital investor, and non-executive director Toby Symonds President 30+ years in capital markets, founder of two asset management firms Scott Sparks Chief Operating Officer 30+ years in engineering, construction and management Jeanne McMullin Chief Legal Officer 25+ years in corporate law experience, previously CLO of start-up tech PE firm Dominic Allen Chief Commercial Officer 15+ years commercial experience across the metals and minerals sector 20+yrs senior investment executive, Ex CIO of AMB Capital Partners, Board member global organizations Board Members Lorraine Martin Audit Committee Chair ESG Committee Member 35+yrs senior aerospace exec. with Lockheed Martin, CEO National Safety Council Board Member; Kennametal Beverly Wyse Rem. Committee Member ESG Committee Member 30+yrs senior aerospace exec. with Boeing, Board Member; Heroux-Devtek Melissa Waller Rem. Committee Member ESG Committee Member 30+yrs senior finance exec. President of the AIF Institute Vaughn Taylor Rem. Committee Chair 4
Executive Summary Titan Project Titanium Scrap Market 4
All American Meeting domestic and allied countries needs for titanium across defense and industry Revolutionary technology with a pathway to lower cost & accelerating demand Low cost, low carbon and circular titanium to drive increased demand across existing and new industries Sustainably & circular Creating a low-to-zero carbon, fully circular titanium industry Our vision is to re-shore a 100% recyclable, sustainable and low- cost integrated U.S. titanium metal supply chain 4
Titanium Minerals 2 (92%+TiO Rutile & 60%+ TiO2 Ilmenite) Metals technology business Downstream U.S. titanium metal manufacturing 100% recyclable, low/zero carbon process Minerals business Upstream U.S. titanium & rare earth deposit Sustainable extraction & mineral separation Titanium Metal Technologies (HAMR) Tennessee Titanium & Rare Earth Deposit (Titan Project) Rare Earth Minerals (Monazite & Xenotime, Light & Heavy Rare Earths) Zirconium Minerals (Zircon) Low-Cost Titanium Metal Powders Titanium Scrap or Titanium Minerals (High & Low O2 Scrap, Rutile, Ilmenite, etc.) Low-Cost Titanium Metal Products IperionX has two core business units to achieve this vision: Minerals and Metals Technology Closed loop recycling 4 Co-products
The primary challenge for titanium has been the complex, high cost, high emissions, and non-circular supply chain Titanium Minerals TiCl4 Reduction & Distillation (“Kroll”) Titanium Wire Chlorination Titanium Sponge Specialized Melting (VAR, EBM, Plasma) Multiple Hot Working Processes Titanium Ingot Titanium Mill Products Titanium Powder Gas or Plasma Atomization Current industry - complex mineral to metal supply chain Non-circular supply chain 0 4 10 20 30 40 50 Stainless Steel Ingot (20% Recycled) Aluminum Ingot (0% Recycled) Kroll Ti Ingot (0% Recycled LCA database) Estimated Life Cycle CO2e Emissions (kg CO2e / kg metal) High emissions intensity Carbon emission estimates of stainless steel, aluminum and titanium ingot (via Kroll) Source for Stainless Steel Ingot figures: International Stainless Steel Forum Source for Aluminum Ingot figures: International Journal of Life Cycle Assessment Source for Titanium Ingot figures: EcoInvent Database 3.8
Source: U.S. Geological Survey 8 The second major challenge is a supply chain dominated by China & Russia, posing a threat U.S. national security U.S. Airforce F-35 Lighting V-22 Osprey U.S. Army U.S. Navy M777 Howitzer M1 Abrams SSN774 Virginia Class LPD17 San Antonio Class Current titanium defense applications Global titanium sponge capacity ~72% China & Russia SPONGE CAPACITY Metric tons per annum 10,000 5,000 The U.S. closed its last “Kroll” sponge plant in 2020, owned by TIMET in Nevada, and is now almost 100% reliant on imports
Our patented and award-winning Hydrogen Assisted Magnesiothermic Reduction (HAMR) process2 is the revolutionary discovery with the potential to solve these challenges Invented by and based on a scientific discovery in 2016 by Dr. Zak Fang1, Professor of Metallurgical Engineering at the University of Utah Majority of early funding provided by ARPA-e from within the U.S. Department of Energy Funding support from the DoE’s Office of Energy Efficiency & Renewable Energy Funding support from the National Science Foundation Winner of U.S. Airforce Research Laboratories Grand Challenge for titanium recycling Winner of U.S. Army’s xTech Search Award Hydrogen Assisted Magnesiothermic Reduction (HAMR) of Commercial TiO2 to Produce Titanium Powder with Controlled Morphology and Particle Size, Published in Materials Transactions by the Japan Institute of Metals and Materials, 2016 IperionX holds an exclusive option until the end of 2024 to acquire the HAMR technology and other associated technologies 9
10 Industrial Pilot Facility producing titanium powders from 100% scrap feedstock Our industrial pilot facility has proven our revolutionary process and has been validated by government and commercial partners Funded by DoE’s ARPA-E Metals Program & recent capital investment upgrades by IperionX Major European luxury goods manufacturer (Euro ~81 billion market cap1) with maisons (brands) including Cartier, Panerai and IWC - IperionX supplying near net shape watch housings to Panerai2 Specialized supplier of centrifugal pumps to the U.S. Navy and industry – IperionX introducing US made and recycled titanium pump components for US Navy Applications3 U.S. Navy’s, Naval Air Systems Command – IperionX working with MRL to qualify flight critical replacement parts for U.S. Navy aircraft5 U.S. Navy’s, Naval Sea Systems Command – IperionX working with Carver to qualify replacement parts for U.S. Navy surface ships3 U.S. Airforce, Airforce Research Laboratories – IperionX working with AFRL to develop a circular supply chain for additively manufactured titanium parts in the U.S. Airforce4 Common market capitalization as of February 6, 2023 See ASX announcements dated August 20, 2022 and November 17, 2022 for details See ASX announcement dated February 6, 2023 for details See ASX announcement dated January 18, 2023 for details See ASX announcement dated February 3, 2022 for details
We are now scaling into our first commercial facility in 2023 1. See ASX announcement dated September 28, 2022 for details 11 Titanium Demonstration Facility, Halifax County, Virginia 125tpa (Phase I) Targeted production rate Completing detailed design for 125tpa of titanium powder production Existing 50,000sqf building has sufficient space for rapid modular expansion capacity ~US$20 million Projected initial capital cost1 Phase I capital cost of ~US$20 million including ~US$8 million in capital equipment1. ~US$4.5 million of incentives by the State of Virginia and Halifax County’s Industrial Development Board1 High margin potential Current titanium powder prices up to US$250/kg – implied revenue potential of ~US$30 million at 125tpa targeted run-rate1 Recycling certification and LCA being completed
We are an economic and sustainable solution to re-shore the U.S. titanium supply chain 100% U.S. made with the potential to establish facilities in allied countries 13 100% scrap used in production with no need for titanium sponge Low capital and operating costs in a low risk, modular design Zero scope 1 & 2 emission with potential for minimal scope 3 emissions Potential for valuable product range, including titanium scrap-to-product and unique alloys
Automotive Consumer electronics Luxury Goods Bikes & other mobility Industrial equipment Green H2 components AM industry U.S. defense We have a wide range of commercial routes to market – from traditional titanium products to high growth additive markets Titanium Scrap HAMR Powder Powder Metallurgy Additive Manufacturing Titanium Billet Titanium Bar Titanium Tube Near Net Shape Products Casting Replacements Titanium Sheet Titanium Plate Titanium Wire Potential target markets 13
Future Titan Project integration could re-shore a circular, low cost and sustainable U.S. mineral to metal titanium supply chain 14 HAMR Reduction Titanium Powder Sustainable TiO2 Alkaline Roast & Hydrolysis Titan Project Titanium Minerals HAMR Deoxygenation Titanium Products Scrap Closed loop recycling Titan Project, 100% controlled by IperionX, is the largest titanium resource in North America1, with co- products including rare earths and zircon Titan Project Resource outline Chemours’ New Johnsonville pigment plant Class I rail Highways Silica sand mine McNairy Sand 1. JORC and SK-1300 code compliant
We are an industrial technology company which can disrupt the metals sector, with our sights on stainless steel & aluminum 15 Metal & global market size1 Consumer Metal Products Automotive & Transportation Construction Materials Machinery, Equipment, & Electronics Other Stainless steel market ~$201bn 2021 global stainless steel melt shop production: 56Mtpa ~$76bn 21Mtpa ~$27bn 8Mtpa ~$25bn 7Mtpa ~$16bn 4Mtpa ~$58bn 16Mtpa Aluminum market ~$164bn 2021 global aluminum demand: 67Mtpa ~$38bn 15Mtpa ~$41bn 15Mtpa ~$41bn 17Mtpa ~$38bn 15Mtpa ~$10bn 4Mtpa * Estimated Global Market Summary in USD Sources: Roskill, International Stainless Steel Forum, Jefferies Equity Research, LME, MEPS, Argus Metals. Pricing as of Q4-2022.
$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 2021E 2030E US$ B Global market for metal AM Powder - by metal We are also highly leveraged to the growth of the Additive Manufacturing industry – we are the potential “Ink” for 3D printers $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E US$ m Global market for metal AM powder - by jurisdiction North America Europe Asia Pacific China Rest of World Source: SmarTech Analysis research. Titanium Steels Nickel Alloys Aluminum Others 16
We are well-positioned to benefit from government funding and incentives for re-shoring U.S. critical material supply chains Department of Defense Department of Energy U.S. Congress White House Defense Production Act Title III funding for Strategic and Critical Minerals Advanced Materials and Manufacturing Technologies Office funding Inflation Reduction Act AM Forward Program Industrial Base Analysis and Sustainment (IBAS) Program Advanced Technology Vehicles and Manufacturing Loan Program CHIPS and Science Act America Makes Air Force Research Laboratory funding Industrial Demonstrations Program Ukraine Supplemental Appropriations Act Advanced Manufacturing Production Tax Credit for titanium production Small Business Innovation Research Program Critical Materials Research, Development, Demonstration, and Commercialization Application Program Bipartisan Infrastructure Act Qualifying Advanced Energy Project Credit Defense Logistics Agency National Defense Stockpile qualification funding Consolidated Appropriations Act, 2022 16
Secure strategic partners for our titanium metal operations Test powders and/or prototype parts with prospective customers Secured customer & government validation Secure additional customers across auto, consumer electronics and other Progress Titan Project to be construction ready Definition of largest titanium mineral resource in U.S.1 Scoping study defining highly economic, low cost operation Feasibility Study level metallurgical report completion State Mine & NPDES permit Pre-Feasibility & Feasibility Studies Scale-up of titanium metal powder production Scale up of titanium pilot plant production Secured Virginia site for TDF Complete detailed engineering design of TDF Large scale furnace hot test & powder production run TDF+ (expansion to 1,000+tpa) and modular capex & opex Commence equipment installation at TDF Multiple value adding, near term, catalysts Common shares / ADR’s (1:10) outstanding 175 million / 17.5 million Last 10 days - Daily volume (ASX / NASDAQ) A$330k / US$103k Market capitalization US$110 million Cash (31-Dec) US$11.5 million Fidelity Management & Research (FMR) ~10% Fidelity International (FIL) ~7% B Riley Financial ~5% Insider ownership ~30% Corporate overview (NASDAQ / ASX Ticker Symbol: IPX) 5.00 2.50 10.00 7.50 0.00 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 ADR Price (US$) 1. JORC and SK-1300 code compliant 18
Executive Summary Titan Project Titanium Scrap Market 19
Our Titan Project is the large scale, simple & sustainable answer to U.S. critical mineral supply chains 100% owned by IperionX, our Titan Project covers 11,000+ acres of titanium & rare earth rich mineral sands in Tennessee Infrastructure rich location in the heartland of the U.S. The largest JORC and SK-1300 code compliant titanium and rare earth monazite / xenotime resource in the U.S. Simple, low-cost extraction & processing operations Sustainable operations with active reclamation 19
21 0.0 1.0 2.0 3.0 Titan IperionX (Scoping) Thacker Pass Lithium Americas (PFS) Fort Cady 5E Advanced Materials (DFS) Carolina Lithium Piedmont Lithium (BFS) Rhyolite Ridge Ioneer (DFS) Tamarack Talon (PEA) Based on June 2022 Scoping Study. June 2022 Scoping Study projections are based on Q1-2022 price projections and cost estimates in U.S. Dollars. Evaluation was carried out on a 100% equity basis using an 8% discount rate. For further information, see Scoping Study press release dated June 30, 2022. NPV to CAPEX ratio calculated as published NPV divided by published development CAPEX, and is unadjusted for inflation or different assumptions contained within each company’s respective technical documents. Sources: Lithium Americas Thacker Pass Project PFS (link), 5E Advanced Materials Fort Cady Project DFS (link), Piedmont Lithium Carolina Lithium Project BFS (link), Ioneer Rhyolite Ridge Project DFS (link), Talon Metals Tamarack Nickel Project PEA (link) US$117 million Average EBITDA1 US$692 million NPV 8% 1 40% After-tax IRR1 25 years Initial life of operations The Titan Project’s potential economics demonstrate one of the highest NPV- to-CAPEX ratios of advanced U.S. critical mineral development projects NPV to Capex Ratio2
22 Based on the results of our Scoping Study, the Titan Project is a potential multi-decade source of U.S. titanium, with significant rare earth co-product Geological formation targeted is the McNairy Sand, a massive formation extending North-South through west Tennessee Projected 25-year initial operational life covers only a small portion of existing landholdings Potential for additional resource discovery and conversion within land controlled by IperionX Significant potential for additional land leasing or acquisition could add to further resource conversion
- See ASX announcements dated April 22nd, 2021, and update announcement dated March 8th, 2022 for details. 23 Simple and conventional extraction and processing to produce multiple high-value product streams including rare earths McNairy Sand Ore Sustainable Mineral Extraction Wet Concentration Plant Rare Earth Rich Mineral Concentrate 90%+ of the sand extracted is returned to void for reclamation Rare Earth Flotation Plant Rare Earth Minerals Monazite / Xenotime Dry Separation Plant Rutile 93%+ TiO2 Ilmenite 60%+ TiO2 Premium Zircon 66%+ ZrO2+HfO2 Zircon Con. 33%+ ZrO2+HfO2 No drilling, no blasting and no harmful chemicals Gravity concentration of valuable critical minerals from sand Rare earth recovery via benign flotation process, titanium & zircon via dry separation plant (electromagnetic/static) Energy Fuels (NYSE: UUUU) Partnership1 Separated Rare Earth Oxides Synthetic Rutile Process Synthetic Rutile 85-90%+ TiO2 Ti & Zr rich Mineral Concentrate
- See ASX announcements dated April 22nd, 2021, and update announcement dated March 8th, 2022 for details. 23 Rare Earth Minerals from the Titan Project provide a pathway for a U.S. rare earth supply chain Titan Project Extraction & Processing RE Concentrate Cracking & Leaching RE Oxide Separation RE Oxides RE Oxide to Metal RE Magnet Alloy RE Magnets Upstream Targeting shovel-ready in 2023 Conventional processing routes Low CAPEX relative to other projects Midstream Cracking & leaching operational today with multibillion dollar replacement value Separation expected in the coming years via conventional processing Downstream Future potential for metallization & magnet alloy manufacturing Low CAPEX using conventional technology Potential to use IperionX HAMR technology MoU signed between IperionX & Energy Fuels (NYSE: UUUU) 1 for development of the REE supply chain from U.S. mineral to oxides
Source: U.S. Geological Survey, Roskill, WoodMackenzie. Locations shown are approximate. 1. Based on June 30, 2022 Scoping Study. 25 Potential to be a significant source of U.S. heavy rare earth minerals 0 100 200 Annual Tonnes Titan Project Ann. Avg. Dy Oxide North American Demand (2020) Tb Oxide 68 tpa1 Titan Project projected annual average production of REO-in- concentrate (first 5 years) v. 2020 North American Demand 300 254 tpa
Source: US Geological Survey. Locations shown are approximate. 26 A major potential source of titanium minerals for the paint & pigment industry U.S. paint & pigment industry is 90+% import dependent on titanium minerals U.S. domestic consumption of TiO2 pigment in 2021 was approximately 1.1 million tons Titan Project will produce ~120ktpa of titanium minerals that can be sold into the paint and pigment industry Ukraine was a major source of supply of titanium minerals
- See ASX announcement dated August 9th, 2022 for details. 27 We are also applying our titanium metal technologies to significantly improve our future mineral products Pelletize Hydrogen Sintering Leach Tennessee ilmenite Synthetic rutile 58-60% TiO2 Est. spot price ~US$400+ per tonne 85-90% TiO2 Est. spot price ~US$1,200+ per tonne High purity iron powder by-product for LFP battery market Patent pending, potential net zero carbon, low-cost process
Low carbon impact extraction with active reclamation Focusing on zero carbon power (as processing requires mainly electrical power) to limit carbon intensity Actively reclaiming voids results in temporary disturbance in any one area at a time Focused on sustainable extraction, processing, reclamation and rehabilitation 30 Research into improved rehabilitation programs to return land to a better post operations state Native warm season grasses experimental plots for improved rehabilitation Experimental plots investigating carbon sequestration opportunities during rehabilitation
Committed to community engagement and education Since the beginning of IperionX, the strategy has been to engage and educate the communities of Benton, Henry & Carroll counties IperionX’s team has been extremely active, and over the last few years has undertaken numerous community outreach programs, including; Engagement in all major community fairs and programs Advertising in major community newspapers and local radio stations Presenting to key leaders in the community An open door policy where anyone can ask any question Strong community support and relations is a top priority of IperionX Benton County Community Q&A 30 Henry County Fish Fry
Mineral Demonstration Facility for customer and community engagement Stage 1 (Operational): Initial hydro-cyclones to remove fine (<45 micron) clays from McNairy Sand ore, successfully used to process bulk sample for feasibility study metallurgical testwork Stage 2 (Operational): Addition of spiral circuits to allow for gravity separation of critical minerals from sand and produce a valuable mineral concentrate Stage 3 (Targeted Q2 2023): Pilot scale flotation & electromagnetic equipment to produce samples of rare earth minerals, titanium minerals and zircon concentrate 30
Executive Summary Titan Project Titanium Scrap Market 30
Scrap generation in the U.S. titanium supply chain A significant amount of scrap is lost, or un-usable, in the current U.S. supply chain IperionX’s technology provides a potential pathway to sustainably recycle this scrap to produce valuable titanium metal Titanium supply chain – scrap generation U.S. titanium scrap supply chain Source: U.S. Geological Survey (USGS), 2018 data shown Titanium Products Sponge Feedstock Melting Shops / Ingot Production Ingots Milling and Extrusion / Billet Production Manufacturing End-of-Life Scrap Scrap Machining Machining Powder scrap, End-of-Life Scrap Scrap failed builds Scrap Additive Manufacturing Subtractive Manufacturing Billets and Near-Net- Shape products Sponge 35,200t Scrap 50,000t Ingot-Billet-Mill Product Titanium Parts / Components 13,320t Titanium Scrap 61,500t Lost 10,460t Recycled Export FeTi 24,000t 11,900t 2,100t 30
Large volumes of U.S. titanium scrap could be upcycled by IperionX technology into valuable titanium metal 30 U.S. titanium scrap summary 2014 2015 2016 2017 2018 2019 2020 (Metric tons) Total Titanium Scrap in Circulation 63,100 62,900 64,560 69,600 61,500 62,000 45,000 Titanium Scrap Used in Ingot Feed 50,000 51,000 53,000 58,000 50,000 50,000 35,000 Titanium Scrap Used in Other Industries 13,100 11,900 11,560 11,600 11,500 12,000 10,000 Scrap Generated in Titanium Industry 47,210 48,064 55,214 67,700 48,460 N/A1 N/A1 Scrap Consumed in Titanium Industry 32,000 32,100 30,300 31,600 24,000 N/A1 N/A1 Scrap Exported 4,610 6,860 9,720 9,450 11,900 15,000 N/A1 Implied FerroTi Scrap Consumption - 1,200 2,000 4,400 2,100 N/A1 N/A1 Est. Titanium Industry Unused Scrap 10,600 7,904 13,194 22,250 10,460 N/A1 N/A1 Titanium Industry Scrap Recirculation Rate 78% 84% 76% 67% 78% N/A1 N/A1 Titanium Scrap Consumption as % of Scrap in Circulation 49% 49% 53% 55% 61% N/A1 N/A1 Source: U.S. Geological Survey (USGS) 1. USGS data publishing format changed in 2019, and no longer publishes sufficiently detailed data to estimate scrap recirculation in this manner. USGS began withholding various sponge, ingot, and scrap data in 2019 to protect proprietary company information. USGS collects its data via voluntary surveys and, beginning in 2021, reported no longer receiving sufficient responses to prepare scrap tonnage estimates.
Further information contact: info@iperionx.com