Meteoric Resources Finalizes Significant Supply Agreement with Ucore Rare Metals

Meteoric Resources Secures Supply Agreement with Ucore Rare Metals

Meteoric Resources, listed on the Australian Securities Exchange, has secured a significant supply agreement with Ucore Rare Metals, a Canadian firm. This deal involves Meteoric supplying 3,000 metric tonnes of rare earth oxide from its Caldeira project in Minas Gerais, Brazil, to Ucore’s new facility in Louisiana, USA.

Commitment to Supply Critical Rare Earth Elements

The agreement, formalized through an MoU, ensures an annual supply of 3,000 tonnes of critical rare earths like neodymium and dysprosium. These materials are essential for producing high-performance magnets used in electric vehicles and renewable energy technologies.

Strategic Move to Strengthen North America’s Supply Chain

Ucore plans to start production at the Louisiana plant by late 2025, with commercial operations expected in the first half of 2026. This partnership strengthens North America’s critical mineral supply chain, reducing reliance on Chinese imports.

Meteoric Resources Expands in Rare Earth Market

Meteoric is expanding in rare earths, securing June and May contracts with a Brazilian magnet facility and Neo Performance Materials. These steps establish Meteoric as a major player in the rare earth supply chain as global demand continues to grow.

Importance of Stable Rare Earth Supply Chains

The agreement highlights the increasing need for stable supplies of rare earth elements. With rising competition, these partnerships are crucial for maintaining stable supply chains in modern technology and industry