Australian-headquartered Summit Minerals has confirmed it has inked a binding letter of intent to acquire the Mundo Novo niobium-rare earth-phosphate project in Brazil.
The deal is pending due diligence approvals as well as a greenlight from company shareholders. The former is expected to be completed within the next 60 days.
“This investment is driven by strong long-term demand linked to the global clean energy transition and advancements in decarbonization technologies,” Managing Director Gower He said, noting that Mundo Novo has shown great potential for all its mineralizations.
“The project’s geological potential aligns perfectly with our strategy to develop high-quality projects in Brazil that supply critical metals for the electric vehicle market and other clean energy applications.”
Mundo Novo project is drill-ready with all required permits in place. It is located within central Brazil’s Goiás Alkaline Province, a region renowned for niobium production, including the world’s second-largest niobium mine.
Source: Summit Minerals