Posco International to Buy 30% of Meteoric's Rare Earth Output from Brazil Project

South Korean company Posco International signed a non-binding memorandum of understanding (MOU) with Australia-based Meteoric Resources to purchase 30% of the mixed rare earth carbonate (MREC) output from its Caldeira project in Minas Gerais, Brazil, for a period of seven years.

Meteoric stated on July 29 that Posco will consider acquiring an equity stake in the project and assist Meteoric in securing financing from South Korean export credit agencies, including the Export-Import Bank of Korea and Korea Trade Insurance, to ensure timely commercial production.