Canadian rare earths company Aclara Resources is reportedly planning to invest $1.3bn across rare earth mines in South America and processing plants in the US.
The company’s executive vice-president, Jose Augusto Palma, revealed the investment details during a mining industry conference, reported Reuters.
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Aclara Resources, a Toronto-listed miner, intends to allocate between $150m and $170m to a project in Chile and around $600m to a mine in Brazil.
Additionally, Aclara Resources will allocate $300m–400m for a separation plant and $400m for a metallisation facility.
Palma noted that feasibility studies for the Brazilian and Chilean projects are expected to conclude by mid-2026.
This timeline positions the projects for construction in the same year, with operations expected to commence by 2028.
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By GlobalDataEarlier this month, the US International Development Finance Corporation committed up to $5m to support the feasibility study for Aclara’s Brazil project.
The company is positioning its mine-to-magnet strategy as a way to build a geopolitically independent supply chain for permanent magnets, which play a critical role in applications such as electric vehicle motors, wind turbines, robotics and advanced defence systems.
Rare earth elements (REEs), a group of 17 metals with distinctive magnetic, optical and conductive properties, are increasingly in demand for technologies ranging from consumer electronics to renewable energy equipment.
In July, Aclara disclosed ongoing discussions with US Government agencies about potential financing for its $1.5bn plan to mine rare earths in Latin America.
In April, the company also inaugurated its semi-industrial heavy rare earths pilot plant facility in Aparecida de Goiania, Goias, Brazil.
