Summit Minerals (ASX:SUM) has terminated a binding letter of intent to acquire the Mundo Novo Niobium-Rare Earth-Phosphate Carbonatite Project in central Brazil.
The Mundo Novo Alkaline Complex sits adjacent to Highway 156, some 6km east of Mundo Novo. The project covers 17.2km2, with the circular Mundo Novo intrusion prominently located at its centre.
On 6 January 2025, the company signed the agreement with Neofertil and E2 Minerals, which at the time, represented an “outstanding addition to the company.”
Summit Minerals in a statement indicated it will now focus on its flagship Equador Niobium Project in the Rio Grande do Norte State of Brazil.
Managing Director Gower He says following recent management changes and tight deadlines, the company has decided to forgo this opportunity and focus on advancing Equador.
“I look forward to working together with the incoming CEO Matthew Cobb to unlock the potential of our flagship project,” He says.
“On behalf of the board, I thank Neofertil and E2 Minerals for the opportunity to consider acquiring the project.”
Summit Minerals is an Australian battery mineral explorer focused on demand-driven commodities. The company’s project portfolio is considered prospective for niobium, rare earths, and lithium.
Write to Aaliyah Rogan at Mining.com.au
Images: Summit Minerals
