Mining giant Brazil has big ambitions to build a rare earths industry as Western economies push to secure the metals needed for magnets used in green energy and defence and break China’s dominance of the supply chain.
Output is set to grow, analysts, mining CEOs and investors say, supported by Western government incentives that are also accelerating a global rare earths refining and processing industry. For countries like Australia, Vietnam and Brazil looking to catch up, progress is slow. Serra Verde has taken 15 years to get into production. It is expected to produce 5,000 tons this year and could double output by 2030, its CEO said.
“Getting money at the moment is tough,” Nick Holthouse, chief executive of Australian-listed developer Meteoric Resources, toldMeteoric is targeting an investment decision in late 2025 for its Caldeira project in Brazil’s Minas Gerais state which will produce light and heavy rare earths.