Meteoric Resources (ASX: MEI) has reported outstanding recoveries at the recently commissioned mixed rare earth carbonate (MREC) pilot plant at its Caldeira rare earth project in Brazil’s Minas Gerais state.
The large-scale plant, situated in Poços de Caldas, has achieved an average 70% magnet rare earth recovery to MREC, matching continuous test work by ANSTO—engaged to optimise metallurgical processing for the project—and validating the process flowsheet.
Average pilot plant recoveries by element included 70% for neodymium, 71% for praseodymium, 56% for dysprosium (compared to an ANSTO result of 49%), and 61% for terbium (compared to ANSTO’s 57%).
Meteoric has been able to consistently produce MREC — including 32.7% magnetic rare earth oxide with 1% dysprosium and terbium oxides — at or above nameplate capacity of 2 kilograms per day since completion of commissioning.
The product will be used to de-risk design of the proposed Caldeira commercial plant with samples sent to key offtake customers and used to consider further downstream processing options in Brazil.
Global Mineral Resource
Caldeira boasts a global mineral resource of 1.5 billion tonnes grading 2,359 parts per million (ppm) total rare earth oxides (TREO) and probable ore reserves of 103Mt at 4091ppm TREO.
A pre-feasibility study in July confirmed a low-cost operation with a 6Mtpa throughput to produce approximately 24,000tpa of MREC.
Projected operating expediture is reported to be industry competitive, with TREO costs over the first five years sitting at US$8.91/kg and all-in sustaining costs ranging from US$11.16 to US$14.18 per kilogram of TREO.
Meteoric recently received up to $70 million in Caldeira support from Export Finance Australia, complementing $350m in support from US-based EXIM Bank and bolstering the project’s funding de-risking efforts.
Improved Operational Performance
Managing director Stuart Gale praised the Meteoric team for the results.
“Following the successful construction and commissioning of the pilot plant in Poços de Caldas, the team has done an amazing job in maintaining and improving operational performance over the last month,” he said.
“The pilot plant is part of our strategic initiative creating a unique opportunity to provide product to offtake partners, support downstream processing, and further optimise the MREC production process leading to commercial production.”
“All of this continues to de-risk the Caldeira project as we work towards completion of the definitive feasibility study, construction licensing, and ultimately the final investment decision.”
