Brazilian Rare Earth Company Raises $78 Million To Develop Rare Earth Projects

HOUSTON, October 15th (Argus) - Brazilian Rare Earths BRE, headquartered in Australia, has raised 120 million Australian dollars (78 million US dollars) to fund the development of its rare earth projects in Brazil.
BRE announced on October 14th that this fund will accelerate the development of the Sulista and Monte Alto projects, including the separation and smelting plant located in Bahia, Brazil.
This fund was obtained by issuing 25.6 million fully paid ordinary shares at a price of 4.68 Australian dollars per share.
BRE stated that drilling will be conducted in Sulista West, with a total rare earth oxide content of up to 21%.
The company is seeking various work processes to advance the project, including cross-priority area drilling, unmanned aerial vehicle-based mine surveys, and range studies. The schedules for these projects have not been disclosed.
BRE signed a heavy rare earth purchase and cooperation agreement with the French company Carester, providing raw materials for Carester's Caremag factory in Lacq, France, which produces 150 tons per year of separated dysprosium and terbium oxides.
Carester will provide engineering, construction, and commissioning services for the rare earth separation plant that BRE plans to build in Bahia.