July 29th, Sydney (Argus) - On July 29th, Korean company Posco International and Australian-based Meteoric Resources signed a non-binding memorandum of understanding to purchase 30% of the mixed rare earth carbonate (MREC) from its Caldeira project in Minas Gerais, Brazil, for a period of 7 years.
Meteoric stated on July 29th that Posco will consider acquiring the equity of this project and assist Meteoric in obtaining financing from Korean export credit institutions such as the Export-Import Bank of Korea and Korea Trade Insurance to ensure "timely commercial production".
Meteoric added: "The low-impurity mixed rare earth carbonate from Caldeira can be processed by Posco Steel without additional refining. The company's tests indicate that its mixed rare earth carbonate contains 71% magnetite-grade rare earth oxides, including neodymium, praseodymium, terbium, and dysprosium.
The project completed a pre-feasibility study in May 2025 and has a 146 million tonne ore reserve, with a total rare earth oxide content of 3546 ppm. Meteoric is currently conducting a clear feasibility study.
Posco expanded its rare earth supply chain last year by partnering with the US mining company Energy Fuels to obtain praseodymium-nickel oxides for electric vehicle drive systems.
Posco also established a joint venture with the US rare earth refining company ReElement Technologies in May, to produce 3000 tonnes/year of separated rare earth oxides by 2028 and expand to 6000 tonnes/year by 2030. The company has also reached agreements with refining plants in Malaysia and Laos to ensure the supply of rare earth raw materials. The company expects to produce a total of 4800 tonnes/year of rare earth oxides by 2028 and increase to 8700 tonnes/year by 2030.
