Lynas Rare Earths announces that they have entered into a binding Scheme Implementation Deed (“SID”) under which it is proposed that Lynas will acquire 100% of the shares in Meteoric.
The transaction brings Meteoric’s flagship Caldeira Rare Earth Project and Brazilian expertise together with Lynas’ existing industry leading operations.
Commenting on the Scheme, Lynas Rare Earths’ Board Chair, Prof John Humphrey, said: “Lynas is very pleased with the potential to bring together the Caldeira deposit which is the largest known ionic clay rare earth Mineral Resource outside China reported in accordance with the JORC Code, and Lynas’ high grade Mt Weld deposit and leading rare earth operations. This will deliver on our Towards 2030 growth objective of adding resource and scale. Expanding our operations into a new country will help Lynas maintain its leading position in the global rare earths supply chain and meet increased customer demand for rare earth materials”.
“Brazil is a well-established and supportive mining jurisdiction and its rare earth reserves are the largest outside China. We have enjoyed getting to know Andrew and his team and congratulate Meteoric on their achievements to date, including extensive knowledge of the ore body and ionic clays, the integration of sustainability initiatives into project design, and the completion of a technically robust DFS. With Lynas’ proven expertise and strong balance sheet, we will continue this excellent work with the local team, the Government of Brazil and local communities to achieve the Project’s full potential,” Prof John Humphrey continued.
