# Hexagon Resources to acquire 49% stake in Innovation Metals' rare-earth separation technology

Hexagon Resources signed a binding investment agreement to acquire a 49% interest in Innovation Metals' RapidSX rare-earth separation technology. A joint venture will build a commercial demonstration plant in the US, with completion scheduled for Q3 2020.

- Type: Acquisition
- Announced: 2019-10-14
- Where: United States
- Value: $6.00M
- Status: announced
- Products: rare-earth element separation technology, RapidSX
- Sectors: [Mining Equipment](https://endata.com/sectors/mining-equipment.md)

## Companies

- [Hexagon Resources](https://endata.com/companies/42687.md) (acquirer)
- [Innovation Metals](https://endata.com/companies/42688.md) (target)
- [American Innovation Metals](https://endata.com/companies/42689.md) (partner)

## Sources

- [miningconnection.com](https://miningconnection.com/longwall/news/article/hexagon_resources_to_acquire_stake_in_rare_earth_elements_separation_techno), 2019-10-14: "Australia-based Hexagon Resources has signed a binding investment agreement for an option to acquire 49 percent interest in an advanced downstream rare-earth element separation technology developed by US-based Innovation Metals."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.