Meteoric Resources (ASX:MEI) said a prefeasibility study for its Caldeira rare earth ionic clay project in Brazil indicated a probable ore reserve of 103 million tonnes at 4,091 parts-per-million of total rare earth oxides for 421,000 tonnes of contained total rare earth oxides, according to a Monday Australian bourse filing.
The study projected a plant throughput of 6 metric tonnes-per-annum, pre-production capital cost of $443 million, and a higher average annual total rare earth oxides production of 13,584 tonnes for the life of mine of 20 years.
The firm added that test work results confirmed that rare earth minerals at the project can be extracted using a low-acidity ammonium sulfate solution within a 30-minute leach reaction time.
The ore is planned to be extracted through conventional excavation and hauled to the processing plant on dedicated haul roads. Mining activities will initially commence at the Capão do Mel deposit, which is located closest to the planned processing plant site.
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