Meteoric Resources NL (ASX: MEI), a company focused on the exploration and development of rare earth elements, has provided an update on the environmental licence process for its Caldeira Ionic Clay Rare Earth Project in Brazil. The update addresses recent Brazilian media reports concerning a vote by the Council of Management of the Pedra Branca Conservation Area (CONGEAPA) regarding consents needed for the Caldeira Project to operate within the conservation area’s buffer zone.
Meteoric reports that an irregularity occurred during the CONGEAPA vote, where a member representing the Caldas Municipal Council for Environmental and Development (CODEMA) allegedly voted against express written instructions from CODEMA to approve the consent. The Caldas City Hall has since declared the vote invalid, and the matter is under review. Meteoric’s legal and environmental advisors support this position. The company has received public support from the Caldas Mayor and CODEMA, and is working with them to ensure procedural compliance.
Importantly, Meteoric has received confirmation from the Minas Gerais Environmental Protection Agency (EPA) that the CONGEAPA vote will not impact the analysis of the Preliminary Environmental Permit (LP). The EPA’s review of the Caldeira Project is reportedly at an advanced stage, and no impact on the timing of critical path items, including the LP issuance, is expected.
According to Managing Director Stuart Gale, Meteoric continues to receive strong support from all levels of the Brazilian government. The timeline for the development of the Caldeira Project remains on track, and the company is progressing with all key approval processes and workstreams, including the development of a pilot plant. Gale stated that the Caldeira Project is one of the highest-grade Ionic Absorption Clay Rare Earth Element deposits in the world, with magnetic rare earth oxide recoveries exceeding 50%.
