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
The project has received a nonbinding and conditional letter of support from Export Finance Australia (EFA) for indicative financing of up to $50-million.

The proposed financing is intended to support project development using Australian engineering, procurement, construction and management contractors.

Meteoric has indicated that this strategy will reinforce the established partnership between Australia and Brazil through enhanced supply chain support within the project.

This EFA funding support, together with the US Export Import Bank’s (EXIM’s) $250-million letter of interest received in March 2024, provides a solid foundation for funding of the Caldeira project, Meteoric has said.

Meteoric is also continuing active discussions with the Brazilian Development Bank and other export credit agencies, together with several potential strategic investors, to optimise funding solutions for the project.

The company has said that this letter of support underscores the Australian government export credit agency’s determination to drive Australian expertise and exports into global rare earths markets while contributing to supply chain diversification.

Meteoric will continue to progress discussions with the EFA and other strategic partners as part of its broader funding strategy for the project.

Key Contracts, Suppliers and Consultants
Not disclosed.

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