Resouro outlines Tiros rare earths and titanium PEA economics

Resouro Strategic Metals has released a preliminary economic assessment for its Tiros project in northern Minas Gerais, Brazil. The study evaluates a staged starter operation designed to process 500,000 tonnes per year over an initial 20-year mine life. The project targets 9.5 million tonnes of high-grade material from the Capacete Formation, which averages 26.3% titanium dioxide and 10,852 ppm total rare-earth oxides. This initial phase utilizes less than 1% of the company’s measured and indicated resources, maintaining a low strip ratio of 2.7:1.

The financial model indicates strong returns for the initial stage. The after-tax net present value at an 8% discount rate is estimated at $714.9 million, with an internal rate of return of 44.2%. The payback period is projected at 1.9 years after tax. Gross initial capital expenditure is estimated at $191.1 million, including a $32 million contingency. The operation is planned as a simple open-pit mine exploiting near-surface mineralization, with dry-stack tailings proposed for waste management.

Production targets and recovery rates

At steady state, the facility is expected to produce approximately 42,300 tonnes per year of coarse titanium dioxide concentrate and 47,800 tonnes per year of fine concentrate. The plant will also yield about 3,636 tonnes per year of rare-earth elements in the form of mixed rare-earth carbonate. Overall recoveries are estimated at 68.7% for titanium dioxide and 67% for rare-earth elements. The processing flowsheet involves crushing, grinding, gravity, magnetic, and electrostatic separation, followed by calcination, acid leaching, and precipitation.

Resource base and permitting status

The wider Tiros project holds measured and indicated resources of 1.4 billion tonnes grading 12% titanium dioxide and 4,000 ppm total rare-earth oxides. Inferred resources add another 500 million tonnes with similar grades. Resouro has initiated a structured environmental permitting work program to advance the project. The PEA includes inferred mineral resources, and no ore reserve has been declared, meaning there is no certainty that the development scenario will be realized. The company holds a 90% stake in the project through Tiros Minerais Estratégicos Mineração Ltda.

Technical partners and development support

Norda Stelo led the PEA, including capital and operating costs and marketing analysis. Atticus Geoscience Consulting handled geology and resource estimation, while Met-Chem Consulting designed the process plant and recovery methods. Ausenco provided tailings and waste management expertise, and Sete Soluções e Tecnologia Ambiental is responsible for environmental permitting. The project owner, Resouro Strategic Metals, is working with these specialists to define the technical and economic parameters for the Brazilian operation, as reported in Mining Weekly materials.