Canaccord Genuity and Petra Capital are working to raise $32 million. Rinehart’s Hancock Prospecting took part in the company’s pre-IPO raise.
The company has 461 square kilometers of tenements in Brazil with a maiden JORC resource of 169 million tonnes at 1,526 parts per million total rare earth oxides.
The project in Bahia, northeastern Brazil, is one of the few potential producers with offtake not already committed to China.
The project is accessible by sealed roads, has access to clean hydro power via existing high-voltage power lines, and is located less than 200 km from a major deep-water port.
Related: Rinehart buys 18% stake in Azure Minerals to block SQM takeover
This article was published by: MINING.COM Staff Writer
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