Meteoric strikes $20m deal in Brazil

ASX-listed explorer Meteoric Resources has inked a definitive agreement to acquire the rare earths rights at the Caldeira project, in Brazil.

Under the terms of the agreement, Meteoric will pay the Tongi Group of Companies $20-million in four staged payments out to 2026, and on the start of production and subject to the advanced payment, would also pay a 4.75% royalty based on the rare earths produced at the project.