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Chris Titley podcast interview with James Durrant

Sub11 Podcast with James Durrant, Managing Director of RareX

In this episode of the Sub11 Podcast, I had the opportunity to sit down with James Durrant, the Managing Director of RareX, an ASX-listed company focused on the exploration and development of rare earths and phosphate. James shared insights into the company’s journey, the importance of rare earths in modern technology, and the strategic direction RareX is taking in the mining sector.

Background and Expertise James Durrant comes from a robust engineering background, with degrees in both mechanical and mining engineering from universities in the UK. His experience spans over 17 years in the mining sector, including significant roles at BHP Billiton, where he honed his skills in both technical and leadership positions. His career path has taken him across various continents, from East and West Africa to Australia, where he now leads RareX.

The Role of Rare Earths Rare earth elements are critical components in modern technology, playing a fundamental role in the electrification of vehicles and the generation of renewable energy. James emphasised the significance of these elements, particularly the magnet metals, which are integral to the production of electric vehicles and wind turbines. Additionally, rare earths are vital for defence systems, underscoring their strategic importance in global supply chains.

RareX was founded in 2018 with a clear focus on rare earths, particularly the Cummins Range project, which is Australia’s largest undeveloped rare earth project. The company is also exploring the potential of phosphate within the same deposit, viewing it as a cost-effective way to initiate the project before fully developing the rare earths component.

The Cummins Range project is currently in the mid-stage of engineering, with plans to start with phosphate extraction. This phased approach is designed to reduce initial capital costs while setting up the infrastructure needed for subsequent rare earth mining.

Global Expansion and Future Prospects RareX is not limiting its ambitions to Australia. The company is actively pursuing expansion opportunities in regions like Saudi Arabia and Eastern Africa. These efforts are part of a broader strategy to diversify their project portfolio and mitigate the risks associated with fluctuating rare earth prices. By exploring new territories and forming strategic partnerships, RareX aims to establish itself as a significant player in the global rare earth market.

The next 12 months are set to be a busy period for RareX, with several catalysts on the horizon. The company is gearing up for high-impact exploration programs at the Khaleesi project, while continuing to de-risk and advance the Cummins Range project. Additionally, RareX’s expansion into new regions could potentially open up further opportunities for growth.

In summary, RareX is positioned to capitalise on the increasing demand for rare earths, with a clear plan to expand its operations and enhance its value chain.

This episode provided an overview of RareX’s current projects and future plans, offering listeners an understanding of the role rare earths play in our modern world and a snapshot in to the RareX business.