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Rare earths developer Meteoric Resources said it has executed an agreement to supply 3,000 metric tons of rare-earth oxide from its forthcoming Caldeira rare earth ionic clay project in Brazil to Canada’s Ucore Rare Metals.
Under the agreement, the parties will work towards a binding agreement for the supply of mixed rare earth carbonate to Ucore’s developing rare earth oxide production facility, the Louisiana Strategic Metals Complex in the United States, Meteoric Resources said on Wednesday. The Perth-headquartered firm said it also expects to obtain a construction permit by the fourth quarter of 2025, and aims to commence MREC production during the second half of 2027.
“Ucore’s interest signals strong external market confidence in the Caldeira project’s ability to progress to a final investment decision and into production,” Meteoric CEO Nick Holthouse said.The agreement follows Meteoric collaborating with a regional department of Brazil’s Minas Gerais state in late June to explore the production of rare earths magnets.
The results come just over 18 months after Fission released a feasibility study for Triple R, the highest-grade at shallow depth uranium deposit in the Athabasca basin.The NAK project is fully funded for its 2024 drill program, thanks to Teck Resources' 19.9% ownership stake in American Eagle.
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