Resouro inks MOU to fast-track Tiros titanium and rare earths project
Resouro Strategic Metals has inked a Memorandum of Understanding (MOU) with key institutions in the Brazilian state of Minas Gerais to fast track its large-scale Tiros titanium and rare earths project.
- Resouro Strategic Metals enters an MOU with the Minas Gerais State Economic Development Department and the Integrated Economic Development Institute
- MOU signed by Resouro’s subsidiary accelerates development of Tiros titanium and rare earths project
- The project, within the state of Minas Gerais in Brazil, has a maiden resource of 1.7b tonnes for 7% of the project
The MOU was signed by Resouro Strategic Metals’ (ASX:RAU) wholly owned subsidiary Tiros Minerais Estratégicos Mineração with the Minas Gerais State Economic Development Department and the Integrated Economic Development Institute (Invest Minas).
The Tiros titanium and rare earths project within Minas Gerais has a maiden resource estimate (MRE) of 1.7 billion tonnes for 7% of the project, making it already one of the world’s largest JORC combined rare earths and titanium deposits.
The new partnerships formalised by the MOU will enable Resouro to collaborate with Invest Minas to accelerate the project’s permitting, construction and mining.
The latest step forward for the company brings both Resouro and the State of Minas Gerais closer to their shared goal of developing a local supply chain for permanent magnets and titanium-based materials.
Other initiatives Invest Minas will undertake to support Tiros include:
- facilitating contact with government agencies and suppliers;
- collaborating to sustain investments in the supply chain for materials to produce permanent magnets and titanium-based composites in Minas Gerais;
- assisting with forming bilateral connections and partnerships for local value chain investments; and
- seeking partnerships and sector development.