Meteoric Resources (ASX:MEI) has signed a non-binding Cooperation Agreement with the State Economic Department and the State Government of Minas Gerais for the development of the Caldeira Project in Brazil.
Meteoric, which has a market capitalisation of $426.38 million, says the Cooperation Agreement will support the development of the Caldeira Project and look at further downstream processing options through to magnet production.
Moreover, the agreement provides for the State Economic Department, a State Government Agency responsible for promoting business investments within the State, to lead project facilitation of the Caldeira Project through to production.
Meteoric says the agreement places the Caldeira Project on an ‘exclusive’ list of ‘high-priority’ mining projects for the state of Minas Gerais, providing a higher level of facilitation and ensuring the project is guided through the approval processes in a streamlined manner.
Commenting on the agreement, Meteoric Resources Executive Chairman Dr Andrew Tunks says: “The Cooperation Agreement and formal appointment of Invest Minas and Alger will provide significant assistance in obtaining government approvals for the Caldeira Project, the world’s highest-grade Ionic Clay REE deposit.
“The agreement elevates the status of the Caldeira Project as a significant development for Minas Gerais State and one which will make a major economic contribution to the Minas Gerais State region and beyond”
The agreement elevates the status of the Caldeira Project as a significant development for Minas Gerais State and one which will make a major economic contribution to the Minas Gerais State region and beyond.
This is another significant step forward in our efforts to de-risk the Caldeira Project, and we welcome the involvement of Invest Minas and Alger into the project.”
Meteoric says a ‘large’ gathering of government and industry leaders was hosted by Meteoric at the Palace Hotel Casino in Poços de Caldas to witness the announcement of the agreement between all parties.
The Caldeira Project is prospective for ionic clay rare earth element (REE) and is located in the Minas Gerais State of Brazil.
Meteoric Resources is an ASX-listed company focused on the discovery of rare earths for an electric future. As of 30 June 2023, the company had $17 million cash at hand, according to its latest quarterly report published on 31 July 2023.
Images: Meteoric Resources NL
