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Equinox Resources, Australian Company, Has Ambitious Plans to Transform Bahia into a Rare Earths Production Hub and Boost the Economy of the Whole Country with Job and Income Generation.
The Jequié region, in the state of Bahia, has caught the attention of Australian companies, capitalized on the Australian stock exchange, which are researching the Bahia subsoil in search of rare earths, a group of 17 chemical elements essential for various technologies that can drive the energy transition in the world. One of the companies seeking to make Bahia a production hub is the Australian Equinox Resources.
Rare Earths Market Could Reach 14 Billion and Bahia Will Be a Production Hub
Despite its name, the chemical elements known as rare earths are not as rare as one might think since they are found in nature associated with other minerals. In Bahia, research focuses on ionic clays, which contain ions of these elements in their composition.
Access to economically viable reserves and mastery of processing technologies for these earths are crucial points in a geopolitical dispute involving the U.S., European countries, and China, which compete for control of this supply chain vital for the development of new technologies.
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The global rare earths market is estimated to be worth around 6 billion dollars annually, with expectations of growth of 10% per year, potentially reaching 14 billion dollars by 2028, according to a report from Grand View Research. This increase is driven by the growing demand for clean energy technologies, electronics, and electric vehicles, which rely on these elements. Equinox Resources, an Australian company, is among those investing in the exploration of rare earths in Brazil, with ongoing projects in Bahia and Minas Gerais.
Equinox Resources Aims to Make Million-Dollar Investment
The Equinox Resources believes that the country can become a production hub to meet global demand for these chemical elements. According to Zac Komur, CEO of the company, who was in Brazil to oversee the preparations for the start of research in Jequié, Bahia, the country has geology with potential for international reserves, infrastructure, and legal security. This environment favors investments like the one we intend to make in the country.
The company is starting in the Jequié region, in an area of about 1,755.2 km², the first phase of the rare earths project in ionic clay, called Campo Grande, where it plans to invest about 10 million reais by August, in geological, geophysical, and geochemical work and transform the site into a production hub.
Equinox Resources is optimistic about the project’s potential to transform the region into an international rare earths production hub as the venture evolves; in addition to extraction, the company aims to verticalize production to add value by separating and processing rare earth elements in Bahia, according to Komur.
Equinox Resources Will Offer Scholarships at the Federal University of Bahia
During his visit to Brazil, the executive from Equinox Resources met with federal government authorities in Brasília to present the company’s plans. He also met with the mayor of Jequié, Zé Cocar, to discuss a partnership with the municipality for workforce qualification and future investments the company wishes to make in infrastructure and socio-environmental projects in Bahia.
It is also worth mentioning that Zac Komur visited the Federal University of Bahia (UFBA), where he met with professors from the geology and geophysics department to discuss a strategic partnership with the university in the fields of geology, geophysics, and geochemistry.
Equinox plans to offer master’s and doctoral scholarships for research focused on developing geological knowledge in the areas of the Campo Grande project.
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