POSCO Group signs MOU with Meteoric Resources to secure Brazilian rare earths
- POSCO INTERNATIONAL and Meteoric Resources signed an MOU on July 28 to secure rare earth raw material supply from Brazil, with ministerial-level attendance.
- Meteoric will supply rare earth intermediate products from the Caldeira Project in Minas Gerais; POSCO INTERNATIONAL will process them into rare earth oxides via its separation and refining project.
- The MOU commits the parties to negotiate a long-term supply agreement, pursue an equity investment tied to that supply, and execute a Definitive Agreement.
- POSCO unveiled its Triple‑Core strategy on July 2, targeting industrial, strategic (lithium, rare earths, rare gases) and energy resources and pursuing full‑cycle value chains including earlier lithium investments.
Deal and attendance
POSCO INTERNATIONAL and Meteoric Resources signed a strategic memorandum of understanding on July 28 in São Paulo to secure Brazilian rare earth raw materials and stabilise the supply chain. The ceremony was attended by Minister Kim Jung‑Kwan, POSCO Group Chairman Jang In‑Hwa, POSCO INTERNATIONAL President Lee Kye‑In, Meteoric Resources CEO Stuart Gale and other officials, framed as a joint effort between governments and companies on critical minerals.
Scope and operational plan
Under the MOU the parties will cooperate across the project to negotiate key commercial terms for a long‑term rare earth supply agreement, pursue an equity investment linked to that supply agreement, and execute a Definitive Agreement. Meteoric will supply rare earth intermediate products from its Caldeira Project in Minas Gerais; POSCO INTERNATIONAL will convert those intermediates into rare earth oxides through its independently developed separation and refining project and supply major permanent‑magnet manufacturers domestically and abroad.
Strategic context
The transaction is positioned to integrate Brazilian rare earths into POSCO Group’s existing supply agreements with automakers in North America and Europe for EV traction‑motor magnets. At its Investor Day on July 2, POSCO set out a Triple‑Core strategy—industrial resources, strategic resources (including lithium and rare earths) and energy resources—and is pursuing early investments and a full‑cycle critical‑minerals value chain to reduce reliance on any single country and stabilise supply for future industries.
Source: POSCO
