Meteoric Resources partners with POSCO International for Brazil's Caldeira Rare Earth Project
Meteoric Resources has signed a non-binding memorandum of strategic partnership with POSCO International to advance the development and commercial production of rare earth materials from its Caldeira Rare Earth Project in Brazil. The agreement allows POSCO to receive up to 30% of the project's output over seven years, as part of efforts to establish an end-to-end supply chain for magnetic rare earths used in electric vehicles, robotics, data centers, and defense applications. The partnership includes potential long-term supply arrangements, financing support from Korean institutions like Korea Eximbank, and technology sharing. POSCO may also participate in Meteoric's equity or assist with funding through Korean Export Credit Agencies. Metallurgical tests show that Caldeira’s rare earth carbonate can be processed by POSCO without additional refining steps. Meteoric Managing Director Stuart Gale emphasized the strategic importance of this partnership for Brazil's rare earth industry and a secure supply chain for South Korea.
Topics: partnership agreement rare earths supply chain development