Aclara Resources secures up to $80M investment from Chile's CAP for sustainable mining
London, UK
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March 21, 2024 11:58 AM Eastern Daylight Time
Aclara Resources CEO Ramon Barua joins Proactive's Stephen Gunnion with details of a significant investment deal with Chile's CAP SA, valued at up to $80 million.
Barua said the partnership underscores a shared vision for a sustainable future in the extraction of critical minerals. CAP's financial strength and extensive experience in Chilean operations, including environmental impact assessments and mine management, will assist Aclara's growth, he added.
The deal not only injects $29 million into Aclara's Chilean operation, REE Uno, but also offers the potential for an additional $50 million investment upon permit approval. This strategic alliance aims to expedite the development of the Penco Rare Earths Project, focusing on the extraction of vital elements like dysprosium and terbium for electric vehicle motors.
The collaboration is set to enhance Aclara's market valuation and accelerate the production timeline, with the goal of commencing operations by 2027. Additionally, the partnership includes the formation of a steering committee to oversee the project's progression, highlighting the commitment to advancing the Penco Module's development efficiently.
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