Australia-listed Meteoric Resources has expanded its Caldeira rare earth element (REE) project, in Minas Gerais, with the acquisition of 21 licences contiguous to the project.

The acquisition comprises 21 licences, covering 49 km, increasing the area covered by Meteoric in this area by 40% to 172 km2.                                             

“This is an exciting strategic acquisition by the company, further cementing our dominant position in this remarkable REE province. The licences to be acquired perfectly consolidate our ground holdings in the southern, most prospective region of the project, creating a contiguous block of ground and tying the highly prospective Capao do Mel and Sorberbo licences back to Figueria in a single parcel,” said executive chairperson Andrew Tunks.

Meteoric believes the large contiguous area created by the acquisition will provide the perfect platform to grow a tier-1, world-class rare-earth project within a single area.

The company will acquire the 21 licences from Varginha Mineracao e Loteamentos, Minas Rio Mineradora and Fertimax Fertilizantes Organicos.