Resouro Strategic Metals (ASX:RAU) announced a collaboration with the MagBras initiative, a project dedicated to producing rare earth permanent magnets entirely within Brazil, led by a Brazilian network of industrial training and innovation institutions, according to a Monday Australian bourse filing.
The MagBras initiative proposal was submitted in late 2024 and has been accepted for funding, with the cooperation agreement expected to be signed by all parties early this year.
Resouro pledged to contribute a total of $35,000 in four tranches in May, July, September, and November. It will also contribute its expertise and support, including rare earth elements product samples and strategic insights, anchored by its Tiros rare earth elements project in Brazil.
The firm's shares fell past 7% in recent trading on Monday.
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