Meteoric Resources (ASX:MEI) has received a letter of support from Australia’s official export credit agency, Export Finance Australia (EFA), for financing up to US$50 million ($74.48 million).
Funding will be deployed to the Caldeira Project for Australian engineering, procurement, construction, and management contractors to reinforce a partnership between Australia and Brazil, where the project is located.
Meteoric also received a $250 million letter of interest from the Export-Import Bank of the United States (EXIM) in March 2024. The company says this new letter of support from EFA, combined with EXIM’s financial support, provides a “solid foundation of the Caldeira Project”.
The company is also in discussions with the Brazilian Development Bank and other export credit agencies for funding solutions regarding the Caldeira Project.
Managing Director Stuart Gale says the letter of support from EFA is a “strong vote of confidence in Meteoric’s strategy and capability to become the next major supplier of critical rare earth materials”.
“This endorsement will assist with the broader project financing discussions underway for the Caldeira Project and adds flexibility strategy,” Gale says.
“The recent approval of our preliminary environmental licence without restriction, commissioning of our pilot plant and first production of a mixed rare earth carbonate, the Caldeira Project is now positioned as one of the world’s most advanced, highest confidence, high-grade rare earth developments.
“The project’s scale, low operating costs, low capital intensity and rapid path to market stand as clear differentiators and underpin its capability to be an important new, long-term cornerstone of emerging rare earth supply chains.”
Located in the southwest region of the Minas Gerais State of Brazil, the Caldeira Project comprises 77 licenses and a total landholding of more than 193km2.
Meteoric Resources is an Australian rare earths-focused explorer and developer that owns the Caldeira Project in the state of Minas Gerais.
As reported by Mining.com.au, Viridis Mining and Minerals also received a letter for support from EFA for a debt facility of the same value earlier this week (6 January).
Export Finance Australia provides finance for export trade and overseas infrastructure development to drive international success for Australian businesses.
Write to Maddison Elliott at Mining.com.au
Images: Meteoric Resources
