Meteoric Resources, a company listed on the Australian Securities Exchange, has announced a significant supply agreement with Ucore Rare Metals, a Canadian firm. Under this agreement, Meteoric will deliver 3,000 metric tonnes of rare earth oxide, sourced from its Caldeira project in Minas Gerais, Brazil, to Ucore's new plant located in Louisiana, USA.
The partnership, solidified through a memorandum of understanding, also commits Meteoric to supply at least 3,000 tonnes per year of essential rare earth elements, including neodymium, praseodymium, terbium, and dysprosium. These elements are critical components in the production of high-performance magnets, which are integral to the functioning of electric vehicles, renewable energy technologies, and various other advanced industries.
Ucore Rare Metals is set to begin production at the Louisiana plant by late 2025, with commercial operations anticipated in the first half of 2026. This collaboration is part of a broader strategy to enhance North America's self-reliance in sourcing critical minerals, reducing the region's reliance on imports from dominant suppliers like China.
In recent months, Meteoric Resources has been rapidly expanding its footprint in the rare earth market. Alongside the Ucore agreement, Meteoric has entered into supply contracts with a Brazilian rare earth magnet facility in June and with Neo Performance Materials in May. These strategic moves have positioned Meteoric as a vital contributor to the global rare earth supply chain, particularly as demand for these crucial materials is expected to rise sharply.
The agreement between Meteoric and Ucore highlights the increasing importance of securing stable and reliable supplies of rare earth elements. As global competition for these materials intensifies, partnerships like this one are crucial for ensuring the continuity of supply chains that underpin modern technology and industry.
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RAREMETAL
