Vision Blue and EMG put $150m into Brazil REE developer REE rareearths Brazil criticalminerals batterymetals EVs
Serra Verde is currently constructing Phase 1 of the Pela Ema deposit at its operations, expected to produce at least 5 000 t/d of rare earth oxide with a 25-year mine life, with significant potential to increase Phase 1 capacity through initiatives such as plant optimisation and debottlenecking.
All currently required permits have been received and production is expected to start in the second half of 2023, with offtakes already in place for a large proportion of planned production. Since its first investment in 2010, Denham has led the company’s development from exploration stage to the cusp of production, and following the investment by EMG and VBR, continues to be the biggest investor and controlling shareholder of Serra Verde.
The investment by EMG and VBR will provide further financing towards the completion of construction and commissioning of Phase 1, as well as enabling additional study work to be undertaken on a potential Phase 2 expansion of the Pela Ema deposit, with the objective of doubling run-of-mine production towards the end of this decade.
“This is a compelling opportunity to both enable the sustainable energy transition and provide a new source of large scale production of both heavy and light REEs outside Asia, which are utilised today in the manufacturing of 90% of all permanent magnets. Robust growth in demand for these rare earths, driven by renewable energy applications and a desire for alternative sources of supply, inform our view of a very positive outlook for the Serra Verde product,” comments Davis.
“Longer-term, I believe that the opportunity exists to further develop the large 60 000 ha lease at Serra Verde beyond the Phase 2 expansion of the Pela Ema deposit to provide further growth. Ultimately, we aim to create a platform to play an active role in developing the nascent value chains required for permanent magnet production outside China.”
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