Miner Aclara Resources expects to spend around $1.3-billion in South America rare earth mines and US processing plants, executive vice president Jose Augusto Palma said on Tuesday.
The Toronto-listed company's latest investment plan includes $150-million to $170-million for a mine in Chile, $600-million for a mine in Brazil, $300-million to $400-million for a separation plant, and $400 for a metallization facility, Palma said.
Speaking on the sidelines of a mining industry conference, Palma said both the Brazilian and Chilean projects aim to complete the feasibility phase by mid-2026, putting them on track for construction the same year and ahead of a 2028 target to start operations.
Earlier this month, Aclara said the US International Development Finance Corporation committed up to $5-million to fund a feasibility study for the Brazil project.
Rare earths are used to make magnets for a range of uses, including weapons and consumer electronics. 
