Rare Earths Limited is pleased to announce that it has entered into a binding agreement with Rio de Contas Desenvolvimentos Minerais Ltda (Rio Tinto Brazil) to amend the Amargosa Tenement Acquisition Agreement.
Amargosa Bauxite Project
Amargosa is a large, advanced-stage bauxite project acquired by Rio Tinto in 2023 and is adjacent to selected BRE rare earth properties in Bahia, Brazil.
The large bauxite project benefits from more than ten years of exploration by Rio Tinto, including 56,919 meters of drilling in 4,257 holes and detailed geological datasets.
Exploration to date has confirmed thick, high-grade bauxite zones from surface, including intercepts such as 27.5 meters with a total available alumina grade of 51.3% and minor amounts of reactive silica and iron.
BRE and Rio Tinto $RIO (+2,18 %) have signed a binding agreement to replace the existing US$40 million bauxite milestone payment on the Amargosa bauxite project with a fixed royalty of US$1.00 per wet tonne on future bauxite sales.
