Australia's Meteoric ties with Brazilian state for rare earth magnets (updated)

Meteoric Resources NL

25/06/2024 02:04

(Adds details)
       MELBOURNE, June 25 (Reuters) - Rare earth developer
Meteoric Resources  MEI.AX  will collaborate with a regional
department of Brazil's Minas Gerais state to explore the
production of rare earth magnets, the Australian company said on
Tuesday.
    Meteoric is developing its Caldeira rare earths deposit in
Minas Gerais and aims to start mixed rare earth carbonate
production there in the second half of 2027.
    It has signed a preliminary agreement that includes raw
material supply to the Lab Fab permanent magnet facility for the
pilot production of rare earth magnets, Meteoric said in a
filing to the Australian stock exchange. 
    Lab Fab is a permanent magnet technology developer backed by
Minas Gerais that aims to stimulate the industry to scale up to
produce magnets for car manufacturers, electric motors and wind
turbine industries.
    It is the first permanent magnet facility in Latin America
and will begin operations later this year. It has an initial
capacity to produce 100 tonnes of permanent magnets per year,
with plans to double that within the first three years. 
    Meteoric has a preliminary supply deal with Canada's Neo
Performance Materials  NEO.TO  and has also been awarded $250
million in preliminary support from the U.S. Export-Import Bank
(EXIM).

    

 (Reporting by Melanie Burton in Melbourne and Shivangi Lahiri
in Bengaluru; Editing by Subhranshu Sahu and Janane Venkatraman)
 ((Shivangi.Lahiri@thomsonreuters.com;))