Rainbow, Mosaic begin pre-feasibility study for Brazil project
Rainbow Rare Earths (RBW) and Mosaic (MOS) started a Pre-Feasibility Study for the Uberaba rare earths project in Brazil. SRK Consulting will prepare a JORC-compliant Mineral Resource Estimate. Mosaic will ship 6 tonnes of phosphogypsum for testing. The study aims to build a processing plant for 2.7M tonnes/year of phosphogypsum waste, producing rare earth oxides. An Economic Assessment in March showed a post-tax NPV10 of $916M, IRR of 45%, and average EBITDA of $217M/year over 30 years.
How this was made
The 30-second read
Why it matters
The study could unlock a multi‑billion‑dollar rare‑earth supply chain, benefiting both partners.
Market read
First disclosure of a potentially large rare‑earth project involving two listed companies.
What to watch
Regulatory approvals and long‑term demand for rare‑earths could affect project viability.
Background
Press release announcing the start of a pre‑feasibility study for the Uberaba rare‑earths project in Brazil.
Ticker impact
Mosaic announced it is shipping phosphogypsum feedstock to Rainbow for test work as part of the new Uberaba pre‑feasibility study.
Modest upside as investors price in the project upside.
The study targets a $916 M NPV project; early‑stage but material for a large fertilizer producer.
Market effects
Could improve outlook for the rare‑earth and fertilizer sectors by adding a new processing asset.
May boost investor sentiment toward Brazil mining projects.
Limited to niche commodity markets; not a broad market driver.
Counterpoint
The project is early‑stage; execution risk may outweigh the projected NPV.
Key entities
- CompanyRainbow Rare Earths
LSE‑listed rare‑earth developer.
- CompanyMosaic Company
NYSE‑listed fertilizer and phosphates producer.
