TSX-V-listed Canada Rare Earth has obtained the right to increase its ownership in the Bom Futuro tailings property in Brazil to a controlling 53% and to become the operator for the project.
The company currently owns 20% of Bom Futuro and will increase its interest by arranging financing for development.
“Our team is extremely pleased to be nearing the financing and implementation phase of our project. In the very near term, we expect to capitalise on the essential minerals contained within the tailings, by applying more modern approaches, know-how and equipment than has historically been utilized,“ said CEO Tracy Moore.
The Bom Futuro project includes 70-million tons of tailings accumulated from 15 years of tin mining by Paranapanema and artisanal operators. The tailings contain multiple critical and commercially saleable minerals, including tin/cassiterite, ilmenite, zircon and rare earths.
Currently, as project lead, Canada Rare Earth is conducting development work to finalise the operational plans and production estimates for the extraction of tin, zircon, monazite and ilmenite. This work includes bulk material tests, development of flow sheets, equipment selection, financial modelling, and mineral/metallurgical analyses.