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Aclara Resources aims to speed up start date for Brazil rare earths deposit
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Aclara Resources aims to speed up start date for Brazil rare earths deposit
Sep 13, 2024 8:50 PM

SANTIAGO, Sept 13 (Reuters) - Miner Aclara Resources

plans to request a key environmental permit to develop

a rare earths deposit in Brazil early next year with the aim of

starting production in 2027, two years earlier than planned, the

company said on Thursday.

The Brazil project, called Carina in the state of Goias,

aims to eventually produce 191 metric tons a year of dysprosium

and terbium, heavy rare earths that can be used for electric

vehicle production.

If the project is successful, the output would amount to

about 13% of China's 2023 output of those elements, according to

CEO Ramon Barua.

He said the company, which is publicly traded on the Toronto

Stock Exchange with offices in Chile and Brazil, is moving

faster than anticipated in Brazil, where it originally planned

production in 2029.

The company reached agreement with the state and local

governments to speed up the permitting process.

"We plan to submit the environmental impact report at the

start of next year," he said in an interview. "We think this is

going to move very quickly."

If the approvals are granted within a year and a half as

expected, production could begin as soon as 2027 or potentially

2028, he said.

Aclara is also seeking environmental approvals for a much

smaller deposit in Chile known as Penco, a process also expected

to take a year and a half.

Brazil holds the world's third-largest rare earth reserves

and is attracting a number of early stage projects, as Western

economies push to break China's dominance of the supply chain.

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