2-year-old North Carolina mining company plans $82 million plant in Halifax
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A North Carolina minerals company with roots in Australia plans to invest $82.1 million in Halifax County to refine titanium metal powder and demonstrate its use in 3D manufacturing, a facility that it says it will eventually employ 108 people.
Two years IperionX Limitedformerly known as Hyperion Metals Limited, will receive state support for the project.
Governor Glenn Youngkin approved a $300,000 grant from the Commonwealth’s Opportunity Fund to help the county with the project, while the Virginia Tobacco Region Revitalization Commission is providing an additional $573,000.
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The company is also eligible to receive state support from the Virginia Enterprise Zone Program and the Virginia Jobs Investment Program.
IperionX plans to develop the project in two phases, with an initial investment of $12.5 million for plant and equipment with an expansion of $69.6 million over three years.
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The Company owns a 100% interest in over 6,000 acres of heavy mineral sands properties in Tennessee.
Its latest annual financial report filed with the U.S. Securities and Exchange Commission shows it spent $7.3 million exploring and appraising these properties for the year ended June 30, $3.1 million additional administrative costs and $3.2 million in business development costs.
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In addition, it granted securities, options and subordinate rights to officers, employees, consultants and other key advisors worth $8.3 million.
Although it reported no revenue, the company raised $19.4 million through equity sales and other financing deals in its 2022 fiscal year and $5.8 million in the last year. That year, he lost $13.2 million.
“The new Halifax County operation will represent the first titanium metal powder plant in the United States using 100% recycled titanium scrap as a raw material, putting Virginia on the map for supplying a critical material that is essential for our cutting-edge industries,” Youngkin said during a project announcement ceremony.
“We look forward to supporting this forward-thinking company which will develop a new titanium supply chain right here in the Commonwealth,” he added.
Anastasios Arima, President and CEO of IperionX, said the facility marks “a critical step in advancing IperionX’s ambition to relocate an all-American source of titanium metal.”
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He was a founder and director of Piedmont Lithium Limited, another development-stage mineral processing company based in North Carolina, focused on the production of lithium hydroxide for the electric vehicle and battery market.
Piedmont’s most recent financial report shows no revenue from any transactions and a net loss of $18.7 million for the six months ended June 30.
IperionX will initially occupy the 50,000 square foot Halifax Shell building in the Southern Virginia Technology Park and plans to expand the facility to 100,000 square feet in the coming years. It will use renewable energy sources to produce titanium.
The company is listed on the Australian Stock Exchange and began trading on Nasdaq in June 2022. The company’s funders include Fidelity Management and Research, Fidelity International and B. Riley Principal Investments.
Virginia successfully competed with North Carolina, South Carolina and West Virginia for the draft.
Business expansions, openings and closings in the Richmond area
The floor store
The Floor Store has moved to the former Toys R Us store at 1257 Carmia Way in North Chesterfield. The 53,000 square foot location off Midlothian Turnpike is adjacent to the retailer’s store at 1281 Carmia Way. — April 25, 2022
PHOTO PROVIDED
King Mattress
After more than 40 years of carrying the Mattress King moniker, business owner Anil “Neil” Gulati, 72, says he’s ready to retire this year. Learn more here.
2012, ALEXA WELCH EDLUND/Times-Dispatch
my favorite muffin

My Favorite Muffin opened at 10174 W. Broad St. in Glen Allen. The local owners/operators are Sam and Suzanne Makarem. — June 7, 2022
Raise the cane
Raising Cane’s Plans Location in 6900 Block of Lake Harbor Drive in Chesterfield, Cushman & Wakefield County | announced Thalhimer.
The office represented the company in the sale.
Founded by Todd Graves in 1996, Raising Cane’s Chicken Fingers has more than 530 restaurants in 28 states and other countries.
The 1.9 acre Chesterfield lot sold for $2.5 million. An opening in 2023 is planned.
— June 22, 2022
ASSOCIATED PRESS
Marshals

A Marshalls location is planned at Staples Mill Square at 9041 Staples Mill Road in Henrico.
The chain dates back to 1956 and includes more than 1,000 stores. — July 21, 2022
Charles Krupa, Associated Press
Pet paradise
Pet Paradise opened at 4101 Williamsburg Road at Henrico. A pitch at 1214 Koger Center Blvd. in North Chesterfield is also planned.
The pitches are a comprehensive pet care, health and wellness provider.
“Each new resort offers spacious suites with a bone-shaped pool, kiddy pools, a large shaded play area with misting stations, synthetic grass playgrounds and indoor play areas, as well as Tiny Town for dogs under 30 lbs. The resort’s boarding space includes air-conditioned suites for dogs and comfortable apartments for cats,” the company said in a statement.
— August 5, 2022
Retail or Resale

Footwear trade Retail or Resell has signed a lease in the Towne Center West shopping center in Short Pump.
— August 9, 2022
Three-notch brew
Three Notch’d Brewing has expanded its Scott’s Addition location to 2930 Broad Street West. The group has acquired a former wine shop on Broad Street and a pizzeria next door, which will be combined. Muralist Nico Cathcart was hired to design and paint two new rooms inside the space.
Three Notch’d, founded in 2013, operates five locations across Virginia.
— August 2022
Daniel Sangjib Min/TIMES-DISPATCH
Sports + Outdoors Academy

Outdoor sporting and leisure retailer Academy Sports + Outdoors has opened a store in 11861 W.Broad St.
The 58,075 square foot store is in The Corner at Short Pump.
This is the Texas company’s first location in Virginia.
— August 18, 2022
PROVIDED
Raising Cane’s Chicken Fingers
The fast food chain Raising Cane’s Chicken Fingers plans to open two locations in the Richmond area in the fall of 2022.
Locations are planned at 12721 Jefferson Davis Highway in Chester and 1321 Huguenot Road in Midlothian. The company currently has a location at 805 W. Grace St. in Richmond.
The Baton Rouge, Louisiana-based company has nearly 700 locations in 35 states and Guam. The channel was founded in 1996.
— September 1, 2022
Planet Fitness

A Planet Fitness location is set to open this winter at the Stony Point Village mall in Richmond.
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