Brazilian Rare Earths has released a scoping study for the Rocha da Rocha project in Brazil, detailing an after-tax net present value of US$7.9 billion, an after-tax internal rate of return of 89%, a payback period of 1.1 years, and an average annual EBITDA of US$1.37 billion under the Argus EU/US forecast price case.

The study outlines a 14-year mine life with total construction capital expenditure estimated at US$969 million to first production, which includes a 30% contingency. This capital requirement breaks down into US$91 million to first rare earth concentrate, US$527 million to first NdPr, HRE+ and U production including reagent facilities, and US$351 million for reagent production facilities. Operations are designed around a hub-and-spoke model. The Monte Alto mine site will use dry crushing, screening, and sensor-based ore sorting with no on-site chemical processing, while upgraded feed will be transported to a planned refinery hub within the Camaçari industrial complex, which provides established utilities, logistics, and skilled labor.

The development plan centers on a simplified product suite comprising separated neodymium-praseodymium oxide and a heavy rare earth-rich concentrate containing significant volumes of dysprosium, terbium, yttrium, gadolinium, and samarium. Life-of-mine average annual production is forecast at approximately 5,276 tonnes of NdPr oxide and 2,253 tonnes of heavy rare earth concentrate, alongside 362 tonnes per annum of uranium oxide. First-five-year run-rate production averages are higher, reaching approximately 6,351 tonnes per annum of NdPr oxide and 2,502 tonnes per annum of heavy rare earth concentrate. Uranium revenue has been excluded from the base study economics.

The evaluation is underpinned by an initial JORC-compliant mineral resource estimate comprising approximately 44% indicated resources and 56% inferred resources. The Monte Alto deposit features a mineral resource grade averaging 11.3% total rare earth oxides. Downstream separation work is supported by Carester, with the partnership reinforced by a binding 10-year heavy rare earth offtake agreement.

Following the scoping study, Brazilian Rare Earths plans to advance Rocha da Rocha into a pre-feasibility study program. The company's next phase of work will focus on resource growth, infill drilling, process optimisation, product qualification, strategic partner discussions, and permitting. The company also intends to evaluate uranium commercialisation pathways and assess potential scandium, niobium, and tantalum co-products in future studies.

Read the full announcement: Scoping Study Delivers Exceptional Rocha da Rocha Economics