Why the Ionic Rare Earths (ASX:IXR) share price hit a 5-year high today

The Ionic Rare Earths Ltd (ASX: IXR) share price was flying earlier today after the company announced a new partnership with a Chinese minerals’ explorer.

This morning, shares in the mineral exploration company were up 14.29% to hit a 5-year record of 6.8 cents each.

Since then, the Ionic share price has plunged the red, closing down 1.79%, at 5.5 cents. In comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) was up 0.5%.

Let’s take a closer look at Ionic’s new partnership.

What’s driving the Ionic share price?

In today’s release, Ionic announced it had signed a non-binding Memorandum of Understanding (MOU) with Aluminium…