Meteoric to supply Brazil rare earths magnet factory

Rare earth developer Meteoric Resources 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. It is planning a demonstration plant to produce a mixed rare earth carbonate and small volumes of separated oxides that will start commissioning next year, and which will be supplied to the magnet factory, CEO Nick Holthouse told Reuters.

"Brazil at a state and federal level are very clear about their ambitions to build a rare earths supply chain," he said.