Meteoric teams up with permanent magnet producer Lab Fab

Meteoric Resources (ASX:MEI) has signed a memorandum of understanding (MoU) with SENAI Regional Department of Minas Gerais, which owns Latin America’s first permanent magnet facility — Lab Fab — in Brazil.

The MoU lays the groundwork for a collaboration between Meteoric and Lab Fab on the production of rare earth magnets. The facility was built by the State of Minas Gerais Development Company and was recently acquired by the Federation of the Industries of Minas Gerais. 

Meteoric, which has a market capitalisation of $318.41 million, says Lab Fab will begin operations later this year, with initial capacity to produce 100 tonnes of permanent magnets per year. FIEMG plans to double that capacity within the first three years. 

Under the MoU, which has a five-year term, both companies will jointly research, develop, and innovate for the demonstrative production of rare earth magnets at Lab Fab in Lagoa Santa in Minas Gerais, by identifying activities of common interest between both parties. 

Meteoric says these activities include Meteoric supplying raw materials for pilot production of rare earth magnets, and promoting actions to strengthen both parties and their relations with industries interested in the technologies. 

Meteoric executive Chairman Andrew Tunks says: “This is an important partnership for Meteoric as we look to potential offtakers for our Caldeira Project as it targets first production in 2027.

“We look forward to working closely with the State of Minas Gerais and Lab Fab as they aim to grow Brazil and Latin America’s home-grown rare earth magnet industry, lessening the reliance on foreign imports.” 

Write to Aaliyah Rogan at Mining.com.au   

Images: Meteoric Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.