Meteoric Resources and POSCO Announce Strategic Partnership
Key points
- POSCO to supply up to 30% of rare earth material from Caldeira
- Partnership aims to support commercial production and secure supply chain
- POSCO may explore strategic financing participation and funding opportunities
Full summary
Meteoric Resources NL (ASX: MEI) has announced a strategic partnership with POSCO International Corporation to advance the development and production of rare earth materials from the Caldeira Rare Earth Project in Brazil. The partnership aims to secure a long-term supply of rare earth materials for POSCO, which is focused on building a mine-to-magnet supply chain for applications in electric vehicles, robotics, data centers, and defense. The Memorandum of Strategic Partnership provides for up to 30% of Caldeira's rare earth material to be supplied to POSCO, with potential for POSCO to explore strategic financing participation and funding opportunities for the project.
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