Lynas Rare Earths Ltd. and Meteoric Resources Ltd. entered into a binding Scheme Implementation Deed under which Lynas will acquire Meteoric for approximately $672 million (A$968 million). The transaction will bring Meteoric’s flagship Caldeira Rare Earth Project, the largest known ionic clay JORC rare earth oxide Mineral Resource outside China, and Brazilian expertise together with Lynas’ existing operations. Lynas said that the transaction also supports the company’s Towards 2030 growth pillar to ‘add resource and scale,’ and is expected to be accretive across a range of key metrics. Following implementation, Lynas intends to work with Meteoric’s existing team to advance development of Caldeira.
Caldeira, in particular, has the potential to make a significant contribution to Lynas by diversifying Lynas’ resource base from one to two tier-1 resource bodies, one hard rock and one ionic clay. It will also add the potential for an average annual production of approximately 3,862 metric tons (mt) of NdPr and 127 mt of DyTb over Caldeira’s life-of-mine, integrate into Lynas’ existing and downstream operations in Malaysia, and afford the potential to develop downstream processing in Brazil.
“Expanding our operations into a new country will help Lynas maintain its leading position in the global rare earths supply chain and meet increased customer demand for rare earth materials. Brazil is a well-established and supportive mining jurisdiction, and its rare earth reserves are the largest outside China. With Lynas’ proven expertise and strong balance sheet, we will continue this excellent work with the local team, the Government of Brazil and local communities to achieve the project’s full potential,” said Lynas Rare Earths’ Board Chair John Humphrey.
“[Caldeira] has been progressed with an intensive focus on the fundamentals: drilling, geological understanding, metallurgical recoveries and test work, including from our own pilot plant,” said Meteoric Executive Chair, Andrew Tunks. “That discipline is why Caldeira stands where it does today: an orebody that is high grade, highly recoverable, low in capital intensity, low in operating cost and highly scalable. As part of this transaction, Lynas has engaged directly with the Federal Government and BNDES to ensure no delay in the development of Caldeira. Lynas brings technical expertise, global credibility and balance sheet strength to fast-track the development of Caldeira.”
Meteoric intends to dispatch a scheme booklet containing further information to Meteoric shareholders in December 2026. The scheme meeting is expected to be held in January 2027 and, if approved by Meteoric shareholders and the court, and the relevant Brazilian regulatory approval is obtained, is expected to be implemented by March 2027.
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