According to a report by BNAmericas, although investments in rare earth projects are increasing in Brazil, the sector still accounts for a small proportion of the country's mining industry.
The Brazilian Mining Association (Ibram) estimates that investments in rare earth projects in the country are expected to increase to $1.46 billion during 2024-28, compared to only $150 million during 2023-27.
However, Ibram expects total investments in Brazil's mining industry to reach $64.5 billion by 2028, with most of the funds directed toward more established minerals such as iron ore, copper, and gold.
"The rare earth sector is still not very common in Brazil's mining industry, but there is growing interest from potential investors, mainly from abroad," said José Carlos Martins, managing partner of Neelix Consulting Mining & Metals, a consultancy firm in the mining and metals sector.
Canadian-listed company Aclara Resources has appointed Murilo Nagato as the manager of its Brazilian subsidiary. Nagato, who previously served as president of private company Appian Capital Brazil, will assist the company in advancing the Carina project in Goiás state. Carina is currently the most heavily invested rare earth project in Brazil. Nagato's responsibilities include managing permitting applications and technical development, with a focus on minimizing investment and operational costs while ensuring the project progresses on schedule.
The Carina mine has a lifespan of 22 years, with an annual production capacity of 191 mt of dysprosium and terbium and 1,350 mt of Pr-Nd. Pr-Nd, dysprosium, and terbium are essential materials for high-performance magnets used in EVs and renewable energy technologies.
Currently, the Carina project is in the pre-feasibility study phase, with Hatch engaged as the engineering consultant. The project is progressing as planned and is expected to commence production in 2028.
Other rare earth projects in Brazil include the Colossus project by Australian exploration and development company Viridis Mining & Minerals, the Caldeira project by Australian junior explorer Meteoric Resources, and the titanium-iron-rare earth project by Terra Brasil Minerals. All these projects are located in Minas Gerais state.
Rare earths are essential materials for the production of turbine wind generators and solar panels, as well as for petroleum and chemical production.
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