Australian miner Axel REE signed a R$400mn ($70mn) deal with the Brazilian state of Minas Gerais to expand its rare earths operation in the country.
The investments aim to further establish the company's operation in the state, which encompasses two 100pc-owned projects. Caladão, the most advanced and currently in its final exploration stages, is located in the Lithium Valley, a spodumene-rich region in northern Minas Gerais. The other, Caldas, is still in early discovery.
Apart from Lithium, Axel is targeting several other rare earths, especially Gallium, which has been found in a rare high-grade form in the region.
Minas Gerais expects 150 direct jobs to be created by the Caladão Project. The construction start date is still to be defined in both sites.
