Rainbow Rare Earths advances Uberaba project with pre-feasibility Study
Rainbow Rare Earths Ltd. has taken a significant step forward by moving its Uberaba project in Brazil into the pre-feasibility stage, collaborating with The Mosaic Company. The study aims to be completed in the second half of 2027 and includes the appointment of SRK Consulting to prepare the project’s maiden JORC-compliant resource estimate.
The pre-feasibility study will evaluate the development of an on-site processing plant designed to treat approximately 2.7 million tonnes of phosphogypsum waste annually throughout an initial 30-year lifespan. Early project models estimate a head grade of around 5,100 parts per million total rare earth oxides, with potential for an extended operating life based on the underlying phosphate feedstock.
As part of the collaboration, Mosaic is shipping about six tonnes of phosphogypsum to Rainbow’s laboratory and pilot plant in South Africa for further testing. Rainbow’s processing flowsheet builds on proprietary technology developed for its Phalaborwa project and is engineered to produce high-purity separated neodymium-praseodymium oxide and SEG+ mixed rare earth carbonate at 99.5% purity.
Uberaba’s March economic assessment projected a post-tax net present value (NPV10) of US$916 million and a 45% post-tax internal rate of return (IRR). The study also estimated an average annual EBITDA of US$217 million over 30 years, with a payback period of just 1.7 years, based on spot rare earth prices reported by Argus Media in March 2026.
Chief Executive George Bennett highlighted the broader potential of the Uberaba project, stating, “Uberaba is expected to demonstrate the viability of applying Rainbow’s proprietary technology across other phosphogypsum projects, marking a key milestone in our growth strategy.”
The pre-feasibility study is on track for completion in the second half of 2027, marking an important phase in advancing Uberaba toward full development.
