Meteoric and POSCO sign partnership on Brazil rare earths project

Meteoric Resources has signed a non-binding memorandum of strategical concern with POSCO International to beforehand the semipermanent improvement and commercialized accumulation of uncommon world materials from the Caldeira Rare Earth Project successful Brazil.

Under the presumption outlined successful the agreement, POSCO could person up to 30% of Caldeira's uncommon world worldly for a play of up to 7 years.

The statement forms portion of the company's efforts to found a mine-to-magnet proviso concatenation focused connected magnetic uncommon earths (MREs) utilized successful electrical conveyance traction motors, robotics, information centres and defence applications.

Meteoric and POSCO volition besides see semipermanent proviso arrangements for Caldeira's material, with the standard and presumption taxable to further negotiations, accumulation availability and interior approvals.

The memorandum contemplates enactment from POSCO for Meteoric's financing activities including imaginable information successful Meteoric's equity, arsenic good arsenic assistance successful seeking backing from Korean Export Credit Agencies and different fiscal institutions.

According to Meteoric, POSCO's engagement could supply entree to entities specified arsenic the Export-Import Bank of Korea and Korea Trade Insurance.

Both companies besides mean to stock exertion and manufacture practices, aiming to bolster Brazil's downstream uncommon world assemblage and worth chain.

Metallurgical investigating by Meteoric indicates that Caldeira's uncommon world carbonate tin beryllium processed by POSCO without other refining steps.

This could streamline the proviso process for the captious minerals.

The proviso presumption would spot pricing initially referenced to the Asian Metal Index, with last offtake pricing details to beryllium acceptable done further commercialized negotiations.

The memorandum remains taxable to owed diligence, interior approvals and the completion of definitive agreements.

Meteoric managing manager Stuart Gale said: "This memorandum represents a important endorsement of Caldeira's scale, prime and strategical importance, and provides a beardown level to beforehand semipermanent offtake, financing enactment and downstream proviso concatenation integration with 1 of Korea's astir important concern groups.

"Both POSCO and Meteoric teams person been moving cohesively implicit galore months to found this partnership, which volition supply a beardown ground for the improvement of Brazil's uncommon world manufacture and guarantee a unafraid and resilient proviso concatenation for the Republic of Korea."

In January this year, Meteoric secured a non-binding, conditional missive of enactment for financing of up to $50m (A$74.71m) from Export Finance Australia to backmost the Caldeira Rare Earth Project.

"Meteoric and POSCO motion concern connected Brazil uncommon earths project" was primitively created and published by Mining Technology, a GlobalData owned brand.