Name of the Project
Carina rare earths project.

Location
Nova Roma municipality, in Goiás state, Brazil.

Project Owner/s
Aclara Resources.

Project Description
The project entails the development of an openpit ionic-clay rare earths operation producing a mixed rare-earth concentrate product for further processing in Aclara’s planned separation facility, in the US. 

The April 2026 feasibility study is based on standard openpit mining using hydraulic excavators and haul trucks, with no drilling, blasting, crushing, grinding or milling required because of the friable nature of the clays and the project’s ion-exchange processing route.

Over the project's18-year life-of-mine, 170.8-million tonnes of process plant feed is expected to be treated at an average rate of about 9.7-million tonnes a year, with a strip ratio of 0.2. A total of 76 437 t rare-earth oxides are expected to be produced.

Average yearly production is estimated at 4 378 t of rare-earth oxides contained in mixed rare-earth concentrate, including 1 191 t/y of neodymium and praseodymium, 156 t/y of dysprosium and 27 t/y of terbium. 
Other strategic heavy rare earths include 173 t samarium, 176 t of gadolinium, 10 t of lutetium and 1 160 t of yttrium. 

The mixed rare-earth concentrate is expected to exceed 95% purity.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
On a pretax basis, the project has a net present value, at an 8% discount rate, of $2.66-billion and an internal rate of return of 33.6%, with a payback period of 2.7 years.

Capital Expenditure
Initial construction capital expenditure is estimated at $678.2-million, with a contingency of $102.7-million, taking total construction capital expenditure to $780.9-million.

Planned Start/End Date
Aclara plans to start early works on site in the third quarter of 2026, followed by full construction in 2027. 

Commissioning is scheduled to start in the first half of 2028, with initial production targeted for the second half of 2028 and ramp-up through 2029.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Hatch Consultoria em Projetos (feasibility study), with contributions from L&M Geociencias, Promet 101 Consulting, Abelco Consulting, LOM Consultoria em Mineração, ERM Consultants Canada and Argus Media.

Contact Details for Project Information
Aclara Resources, tel +56 2 2565 1033 or email investorrelations@aclara-re.com.