VHM has signed a letter of interest (LoI) with Mitsui to collaborate on a proposed agreement to supply 40% of the heavy mineral concentrate (HMC) from its Goschen rare earths and mineral sands project in northwest Victoria, Australia.
The LoI outlines that Mitsui will provide a trade finance facility to VHM concerning the potential transaction, subject to due diligence.
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The key terms of the LoI include an initial term of three years from the commencement of production.
The LoI is non-binding, and its terms are subject to formal agreement.
Mitsui is keen on developing a growing business partnership with VHM.
The Goschen project is classified as a Tier 1 integrated rare earth and mineral sands project.
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By GlobalDataThe project received primary approval in December 2024 and a mining licence in April 2025, with secondary approvals advancing towards production.
VHM CEO Ron Douglas stated: “The partnering with Mitsui, a globally significant Japanese counterparty, not only provides VHM with long-term offtake for its HMC [but] also provides a strategic funding facility. VHM looks forward to establishing a long-term relationship with Mitsui.”
The Goschen project has a clear pathway to production anticipated in the fourth quarter of 2026 through a staged development strategy.
It is a dual commodity asset that will generate revenue from two independent product streams, including rare earths and HMC, which encompasses zircon and titanium.
The project has a compelling mineral assemblage and mineralisation, with simple operating methodologies involving shallow-pit mining via truck-shovel and a conventional processing flowsheet.
VHM has also secured 100% of the land ownership necessary for the Goschen project footprint.
In April 2025 VHM signed a memorandum of understanding (MoU) with Currumbin Minerals to supply HMC from the Goschen project.
The MoU establishes a cooperative framework, targeting a formal agreement for the sale of HMC to Currumbin for processing at its Queensland facility.
