en.Wedoany.com Reported - Australian-listed Brazilian Critical Minerals Ltd (ASX: BCM) announced on June 30, 2026, the results of the Bankable Feasibility Study (BFS) for its Ema rare earth project located in southeastern Amazonas state, Brazil. The study indicates a Phase 1 capital expenditure of $74 million, with an after-tax net present value (NPV8) of $1.47 billion, an internal rate of return (IRR) of 105%, and a payback period of just six months.
Brazilian Critical Minerals Ltd is an Australian-listed company focused on the exploration and development of critical minerals. Its wholly-owned Ema rare earth project is situated in southeastern Amazonas state, Brazil, covering a mining area of approximately 189 square kilometers. The project employs In-Situ Recovery (ISR) mining methods, using magnesium sulfate as a lixiviant to extract rare earth elements from ion-adsorption clays into solution, which are then processed into mixed rare earth carbonate (MREC). This method avoids the construction of traditional open-pit mining, waste rock dumps, and tailings facilities, and is considered the core reason for the low capital intensity of the Ema project.
According to the study, Phase 1 development capital expenditure for the Ema project is $74 million, including a 14.4% contingency and a carbon capture and storage system. Phase 2 expansion capital expenditure is $27 million. The project is expected to have a mine life of 20 years, with an average annual production of 5,500 tonnes of total rare earth oxides (TREO), including 1,900 tonnes of magnet rare earth oxides (MREO). The life-of-mine C1 operating cost is $8.84 per kilogram of TREO, among the lowest globally for similar projects. Over the project's life, it will produce a mixed rare earth carbonate product with an average TREO grade of approximately 52%.
Andrew Reid, Managing Director of Brazilian Critical Minerals Ltd, stated that the BFS results have further strengthened the company's confidence in Ema becoming one of the world's most attractive rare earth development projects. He noted that the combination of low capital intensity, low operating costs, strong cash flow, and robust financial returns positions Ema favorably among existing global rare earth producers and emerging projects. He emphasized that Ema is expected to become a significant long-term supply source of magnet rare earths for the Western world. The company is currently advancing project financing, permit applications, and a final investment decision.
