Australia's Summit Minerals has signed a binding letter of intent and is expected to acquire the Mundo Novo niobium-rare earth project located in central Brazil. The transaction is subject to Summit's completion of financial, legal, and technical due diligence.
The Mundo Novo project is located approximately 6 kilometers east of Mundo Novo, about 40 kilometers north of Nova Crixás in Goiás state, and approximately 326 kilometers northwest of Brasília, the capital of Brazil. The total project area covers 17.2 square kilometers.
According to Summit, the exposed surface carbonatite in the area is rich in niobium, rare earths, and phosphates.
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