Meteoric Resources NL (ASX: MEI) has announced that its Caldeira Rare Earths Project has been selected for Brazil’s Strategic Minerals funding initiative, supported by Finep and BNDES. This BRL 5 billion program aims to enhance the country's production capacity, research, and innovation in strategic minerals, particularly rare earths, to support decarbonization and energy transition efforts.
Meteoric’s proposal includes the development of a pilot plant, downstream rare earth separation, and magnet manufacturing, aligning with its ongoing collaboration with SENAI and the MAGBRAS initiative. Out of 124 total submissions, only 27 projects targeted rare earth elements. Final project selections and funding decisions are expected around 25 July 2025. Meteoric's Managing Director Stuart Gale expressed pride in contributing to Brazil’s industrial and technological advancement and emphasized the Caldeira Project's potential to meet the goals of sustainability and large-scale rare earth development.
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