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Strategic acquisition of St. George Mining boosts critical minerals production with nearly 9 million tonnes of rare earths produced!
O St. George Mining Group, a prominent Australian mining company, made an impressive acquisition in the second half of 2023: the purchase of Araxa Project, located in Minas Gerais, Brazil, for more than R $ million 100. This transaction includes a mine and an extraction plant. niobium e rare Lands, resources highly valued in the global market, according to the website mercadohoje.
Araxá Project: a high-value asset with enormous potential
O Araxa Project stands out for its strategic location, close to one of the largest niobium operations in the world, managed by Brazilian Metallurgy and Mining Company (CBMM). With an area of 226 hectares, the project presents a impressive initial capacity, with estimated annual production of 700 thousand tons of niobium oxide and 8,7 million tons of rare earth oxides.
Niobium and rare earths: essential minerals for the energy transition
O niobium is a metal with multiple applications strategic, widely used in vehicle metal alloys, MRI machines and, more recently, in lithium batteries, fundamental for the global energy transition. Already the rare Lands are indispensable in the manufacture of modern electronic equipmentas the smartphones e computers.
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St. George Mining's strategic positioning
With this acquisition, the St. George Mining strengthens its position in the sector, taking advantage of Brazil's mineral wealth to expand its operations in global market. John Prineas, the company's executive chairman, highlights the high quality of the resources of the Araxá Project and its huge potential for expansion, with less than 10% of the concession drilled to date.
Financing and preparing for the future
To make this acquisition viable and accelerate operations in Araxá, St. George Mining guaranteed a investor commitment To wake up 21,25 million U.S. $ through the issuance of shares. This capital ensures the purchase of the asset and finances the exploration and expansion of production capacity, positioning the company as a global player in niobium and rare earth mining.
With this transaction, the Brazil strengthens its leadership as a global center of sustainable mining, attracting strategic investments and consolidating its position as protagonist in the essential resources market for the economy of the future.
Are you going to sell this mine too?
It's incredible how Brazil is getting rid of its **** riches! When it doesn't hand over to foreign mining companies, it sells the entire mine to other countries!
Imbeciles, soon they will have to buy manufactured products from those same countries.
Congress should have a committee to oversee these transactions!
Brazil is being looted by the PT
I believe that foreign mining companies are truly pillaging our wealth. It is a mess, supported by weak and biased laws.