Name of the Project
Caldeira rare earths project.

Location
Minas Gerais, in Brazil.

Project Owner/s
Australian exploration company Meteoric Resources.

Project Description
Caldeira is the largest ionic clay resource in the world at 1.5-billion tonnes grading 2 359 parts per million (ppm) total rare-earth oxides (TREO), including 526 ppm magnetic rare-earth oxides and a high grade of more than 4 000 ppm TREO starter pit.

The Caldeira processing plant is designed to process six-million tonnes a year of dry feed to produce an estimated 24 000 t/y of dry mixed rare-earth carbonate product.

TREO production over the 20-year life-of-mine (LoM) is estimated at 271 687 t.

Average TREO production is estimated at 13 584 t/y, neodymium/praseodymium oxide production at 4 228 t/y (84 572 t over the LoM), and dysprosium/terbium oxide production of 130 t/y (2 600 t over the LoM).

Further, potential remains to expand the project and move downstream into the production of separated rare-earth element oxides at later dates.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $1.98-billion and an internal rate of return of 31%, with a payback of 2.8 years using forecast pricing.

Capital Expenditure
Development capital is estimated at $443-million.

Planned Start/End Date
The project has received an accelerated path to permitting and production – to deliver first production in 2028 – with the Minas Gerais state government’s awarding priority status.

Latest Developments
Permitting is on track to allow for construction to start in 2026.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Meteoric, tel +61 8 6166 9112.