Secures Key Export Approvals and Partnership with INB
Sydney, May 16, 2024 AEST (ABN Newswire) - Brazilian Rare Earths Limited (
ASX:BRE) is pleased to announce that it has secured an official registration and consent from The Brazilian National Nuclear Energy Commission that allows BRE to export mineral products, including rare earths/monazite concentrates. The authorisation provides BRE with the approvals to export highgrade mineral samples to international laboratories for further test work and underpins future production scale exports, subject to regular local business and logistical procedures.
BRE has also signed a non-binding MoU with INB, the state-owned Brazilian nuclear company, focussed on potentially valuable uranium co-products at BRE's rare earth projects across the Rocha da Rocha province.
INB has responsibility for all aspects of production and commercialisation of nuclear materials in Brazil including approvals for the export of any mineral ore or concentrate containing nuclear materials. Under the terms of the non-binding MoU, BRE and INB have agreed that:
- BRE's proposed project development plan initially targets the production and export of rare earth concentrate for downstream processing
- BRE's uranium co-product may be made available, in Brazil or overseas, to INB on commercial terms to be agreed by BRE and INB subject to economic viability
- INB and BRE will negotiate a remuneration agreement to compensate BRE for the costs of producing and separating a uranium by-product, plus an agreed profit margin
- INB will provide support and advice to BRE to obtain the requisite regulatory permits and approvals for the development of BRE's rare earth projects
- INB and BRE have agreed to partner to research processing routes for rare earth concentrates, including those with a uranium co-product, with an aim to develop downstream processing capacity in Brazil
- Where practicable, INB will provide BRE access to INB's research and development facilities
INB's President, Adauto Seixas, commented:
"Brasil has a long standing, successful nuclear power industry. BRE's discovery may provide Brasil with significant additional uranium resources and INB will work with BRE to ensure that it can be developed for the benefit of all Brasilians."
Brazilian Rare Earths' MD and CEO, Bernardo da Veiga, commented:
"The granting of the export licence and the partnership with INB marks an important milestone for BRE. We look forward to working closely with INB and appreciate the opportunity to contribute to the development of Brazil's untapped critical mineral resources, including the potential to leverage INB's extensive experience in uranium development to investigate the potential for downstream processing capacity in Brazil."
About INB and the Brazilian Nuclear Industry
Brazil is one of the few countries in the world to control the full uranium cycle and has a well-developed nuclear program. It operates two nuclear power plants, Angra I and Angra II, with a third, Angra III, under construction.
INB, controlled by the Brazilian Ministry of Mines and Energy, manages the development of Brazil's strategic nuclear ore resources. INB aims to support the development of new sources of domestic feedstocks through commercial partnerships with the private sector.
Uranium has been mined in Brazil since 1982. INB currently operates the Caetite uranium mine in Bahia State, ~420 km from the Monte Alto project. INB has a commercial partnership with Galvani Fertilizantes to secure the uranium co-product from phosphate mining at the Santa Quiteria project.
About Brazilian Rare Earths Limited
Brazilian Rare Earths Limited (ASX:BRE) is an Australian company, rapidly advancing its Tier 1 rare earth project in Northeast Brazil.
Company exploration to date has discovered and delineated a globally significant, district-scale mineral province containing large volumes of both heavy and light rare earths critical to advanced industries and applications that will deliver a green energy transition.
The Company is led by a team of experienced mining executives and geologists with hundreds of years of cumulative experience in finding, developing, and operating mineral assets to generate value across a wide variety of jurisdictions, and commodities throughout the globe.
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