There is a new rush for resources taking shape in Brazil. But this time, it is not about gold, coffee or rubber. Instead, the focus is on the gold of the artificial intelligence and renewable energy era: rare earths.
"The next big, rare earth projects in the world will be in Brazil," the geologist Andrew Tunks, CEO of the Australian mining company Meteoric Resources, told DW. "I don't know how long it will take," Tunks said, "but I think in time [Brazil] will compete with China."
Meteoric is investing heavily in rare earth mining in Brazil. Its so-called Caldeira project, located in the state of Minas Gerais, is believed to be the world's largest ionic clay deposit.
Ionic clay deposits are among the most important sources of "medium" and "heavy" rare earths, such as dysprosium and terbium, which are essential for the high-performance magnets used in wind turbines and electric vehicles.
Rush for rare earth reserves
