Brazil rare earths projects seeing explosive rise in investments

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Although investments in rare earths projects are growing, the segment continues to represent only a small fraction of the Brazilian mining sector.

Mining association Ibram expects US$1.46bn to be invested in rare earths projects in 2024-28, compared to US$150mn in 2023-27.

However, much larger sums have been earmarked for mature segments like iron ore, copper and gold. Sector-wide, Ibram projects investments of US$64.5bn by 2028.

"The rare earths segment is still not as popular in the Brazilian mining sector, but there are signs of growing interest, mainly from international investors," José Carlos Martins, managing partner at Neelix Consulting Mining & Metals, told BNamericas.

Chinese firm CNMC Trade Company recently announced the acquisition of Mineração Taboca from Peru’s Minsur for US$340mn. Taboca operates the Pitinga tin-niobium-tantalum mine in Amazonas state and owns the Pirapora smelter in São Paulo.

"The amount paid for the control of Taboca was quite high, and what is speculated in the market is that, beyond the existing operations, the Chinese company is interested in exploring the potential associated with rare earths elements in the region of Taboca's operations," said Martins.

Meanwhile, Canada-listed Aclara Resources appointed Murilo Nagato, a former executive of private equity firm Appian Capital Brazil, as country manager to help advance the US$600mn Carina project in Goiás state. Carina is the rare earths project with the highest capex in Brazil, according to BNamericas' projects database.

Nagato’s tasks include managing the licensing process and technical development, focusing on minimizing capital and operating expenditures, while executing the project on schedule, according to a statement.

With a 22-year mine life, the project is expected to deliver average annual output of 191t of dysprosium and terbium and 1,350t of neodymium and praseodymium, which are essential components to produce high-performance magnets used in electric vehicles and renewable energy technologies.

The Carina project is in the prefeasibility stage, with Hatch serving as the engineering consultant. The project is progressing on schedule and is set to start operations in 2028, Aclara said.

Other projects

BNamericas’ projects database lists other rare earths projects in Brazil. Among them are the Colossus project, owned by Australian exploration and development company Viridis Mining and Minerals; the Caldeira project of Australian junior Meteoric Resources; and the Terra Brasil Minerals project. They are all located in Minas Gerais state.

Rare earths are needed for the production of wind turbines and solar panels and serve as inputs in the oil and chemical industries, among others.

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Brazil rare earths projects seeing explosive rise in investments

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