The Caldeira project contains one of the world’s largest ionic clay rare earth deposits, with 1.5 billion tonnes at 2359 parts per million total rare earth oxide (TREO).
The non-binding memorandum of understanding (MoU) follows successful test work using MTM’s proprietary flash joule heating (FJH) technology.
Magnet rare earth elements (REEs) rose from 30 to 72 per cent of the product, and heavy REEs increased by 186 per cent while the share of lanthanum and cerium dropped from 61 to 7 per cent.
The beneficiation test work also recovered 81 per cent of terbium without using acids or solvents. The test work, conducted on a sample of Meteoric’s MREC, concentrated key magnet rare earths including neodymium, praseodymium, dysprosium and terbium.
“Our proof-of-concept work on Meteoric’s MREC clearly shows the transformative potential of flash joule heating,” MTM managing director and chief executive officer Michael Walshe said.
“In a single flash we shifted the product mix decisively towards the high-value magnet rare earths, dramatically lifting material value while stripping out waste.”
The FJH method delivers results comparable to solvent extraction but in a faster, simpler and modular process that could support Western rare earth supply chains.
“We are excited by the potential of MTM’s FJH technology to unlock an innovative, Western alternative, refining pathway for our Caldeira MREC product,” Meteoric managing director and chief executive Stuart Gale said.
MTM is also in talks with other REE companies across hard-rock and waste-stream projects.
