Axel REE (ASX:AXL) entered into strategic collaboration agreements with the government of the Brazilian state of Minas Gerais to fast-track the development of its Caladão rare earth elements-gallium and Caldas rare earth elements projects, according to a Monday Australian bourse filing.
The first memorandum of understanding was signed with the Federation of Industries Minas Gerais, which recently acquired the LabFab ITR, the first rare earth magnet research and production facility in South America. This will give the firm access to research programs and allow potential future testing of magnet rare earth elements.
The second memorandum was signed with the State Economic Development Department and Invest Minas, which is aimed at supporting the development and fast-track licensing and approvals of the projects.
Its shares rose 6% on market close on Monday.
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