Aclara Resources aims to speed up start date for Brazil rare earths deposit

SANTIAGO – 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.