Australian Firm Meteoric Resources to Supply Rare Earths for U.S. Manufacturing

Meteoric Resources, an Australian Securities Exchange-listed company, announced today that it will supply 3,000 metric tonnes of rare earth oxide from its Caldeira project in Minas Gerais, Brazil, to Ucore Rare Metals, a Canadian firm. The rare earth oxides will be used at Ucore's new plant in Louisiana, marking a significant step in North America's efforts to secure critical minerals necessary for advanced manufacturing and technology.

The supply deal, formalized through a memorandum of understanding, also includes a provision for Meteoric to supply at least 3,000 metric tonnes per year of neodymium, praseodymium, terbium, and dysprosium. These rare earth elements are essential in the production of high-performance magnets used in electric vehicles, wind turbines, and various other high-tech applications.

Ucore Rare Metals plans to commence production at the Louisiana facility by the end of 2025, with full commercial operations expected to begin in the first half of 2026. This partnership is seen as a strategic move to bolster U.S. supply chains for critical materials, reducing dependence on Chinese imports, which currently dominate the global market.

Meteoric Resources has been actively expanding its presence in the rare earth sector. In addition to the Ucore deal, the company signed supply agreements with a Brazilian rare earth magnet facility in June and with Neo Performance Materials in May. These agreements position Meteoric as a key player in the global rare earth supply chain, particularly at a time when demand for these materials is expected to surge.

The collaboration between Meteoric and Ucore underscores the growing importance of securing reliable sources of rare earth elements, as countries and companies alike seek to mitigate risks associated with supply chain disruptions and geopolitical tensions.