Meteoric and POSCO sign partnership on Brazil rare earths project
Meteoric Resources and POSCO International have signed a non-binding memorandum of strategic partnership to advance the Caldeira Rare Earth Project in Brazil. Under the agreement, POSCO could receive up to 30% of Caldeira's rare earth material for up to seven years, supporting a mine-to-magnet supply chain for magnetic rare earths used in EVs, robotics, data centers, and defense. The partnership includes potential financing support from POSCO, including equity participation and assistance in securing funding from Korean export credit agencies. Both companies will share technology to bolster Brazil's downstream rare earth sector. Metallurgical testing indicates Caldeira's rare earth carbonate can be processed by POSCO without extra refining. Pricing will initially reference the Asian Metal Index. The memorandum is subject to due diligence and definitive agreements.
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