Australia’s most successful mining investor is deepening her bet on a rare earth project in Brazil. But, why?
What’s happening:
- Brazilian Rare Earths (ASX: BRE) has raised approximately $78M USD in a new equity financing round
Why it matters:
- The new funding round was led by Australia’s richest individual Gina Rinehart which makes her the single largest shareholder of the company
Going deeper:
- Brazilian Rare Earths has publicly stated they plan to use the new growth capital to advance a large scale drilling program at their flagship Rocha de Rocha project in the northeast region of Brazil as well as to accelerate the construction of a new rare earth separation facility
- The Rocha de Rocha property contains ultra high grade heavy rare earths and has a current resource estimate of more than 500M tonnes of total rare earth oxides
