NeoTerra increases its bet on rare earths in the Mozambican province of Tete

NeoTerra has increased its stake in the Monte Muambe mining project in Mozambique from 51% to 70%, enhancing control over rare earth deposits. This move follows the completion of the third phase of an investment agreement initiated in 2021. The company has secured a 25-year mining license for fluorite and rare earths and received a $1.875 million grant from the U.S. Trade and Development Agency for project development. The project aims to establish a long-term mining operation in central Mozambique, with recent advancements including a successful gallium recovery rate and the discovery of xenotime, a heavy rare earth mineral. NeoTerra views Monte Muambe as a key asset for its growth strategy.