Emerging critical minerals producer RZ Resources Limited has signed an agreement with Japan’s Marubeni Corporation for a $15 million investment to advance it flagship Copi rare earths project.
Copi – located in the Murray Basin – will be developed to produce high-grade rare earth minerals such as rutile, zircon and ilmenite, used in supporting renewable energy, healthcare and advanced manufacturing industries.
The investment by Marubeni follows the investment made by another Japanese company, JX Advanced Metals Corporation, announced in June this year.
Marubeni is a major Japanese industrial conglomerate with extensive interests in the mining and resources sector globally.
RZ Resources said the Marubeni investment further deepens the long-term strategic relationship between RZ and Japan, and that Japanese investment into upstream critical minerals is historic, deliberate, selective and strategic.
Securing alignment with two major Japanese industrial groups at this stage is an extremely positive step for both RZ and for Australia, the company said. It anticipates further strategic investment to come from Japan over the next 6 to 12 months.
“This transaction reflects a deep strategic partnership that strengthens our ability to deliver a globally significant, geopolitically resilient supply of critical minerals through the Copi project” RZ founder and executive chairman David Fraser said.
The investment gives Marubeni the option to obtain equity participation of up to 3.375 per cent, an option to provide additional investment to increase participation to 5 per cent, and certain marketing and collaboration rights.
RZ Resources was among the tranche of Australian critical minerals companies that recently received a letter of interest from the United States Export-Import Bank (EXIM), for up to $US450 million in potential financing support, alongside Export Finance Australia, which delivered a non-binding and conditional letter of support to the company.
The company said in addition to working closely with EXIM, it is progressing commercial arrangements with several strategic partners in the United States in connection with the Copi project.
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