Resouro PEA for Tiros rare earth and titanium: project economics for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Resouro Strategic Metals’ PEA for the Tiros rare earths and titanium project in Minas Gerais, Brazil, outlines a 500,000 t/y starter operation producing about 90,000 t/y TiO₂ concentrate and 3,636 t/y TREO over an initial 20-year mine life, with post-tax NPV8 of $714.9 million and IRR of 44.2%. The deposit hosts 1.4 billion tonnes of measured and indicated resources at 12% TiO₂ and 4,000 ppm TREO, with the starter pit targeting less than 1% of this inventory. Near-surface, low-strip mineralisation, conventional processing, and reported recoveries of 68.7% TiO₂ and 67% REE to mixed carbonate underpin the staged development strategy.
Technical Brief
- Measured resources total 367 Mt at 12% TiO₂; indicated resources add a further 1 Bt at 12% TiO₂.
- Combined measured and indicated inventory of 1.4 Bt at 4,000 ppm TREO underpins very long mine-life optionality.
- Starter pit exploits near-surface, low-strip mineralisation, implying shallow free-dig or short-haul truck–shovel mining.
- Dual revenue from TiO₂ concentrate and mixed rare earth carbonate reduces single-commodity price risk in cash-flow modelling.
- Reported TiO₂ overall recovery of 68.7% and 67% REE to MREC assume conventional beneficiation and hydromet flowsheets.
Our Take
With a 1.4Bt measured and indicated resource at 12% TiO₂ and only a sub‑1% slice targeted for the 20‑year starter operation, Tiros in Minas Gerais looks more like a multi‑decade district play than a single‑mine plan, which could materially extend life or support staged expansions if infrastructure and permitting in Brazil keep pace.
The 68.7% TiO₂ and 67% rare earth recovery to mixed rare earth carbonate place Tiros toward the upper end of recovery assumptions seen in our rare earth and titanium project coverage, which, if confirmed at pilot scale, would help the project compete with hard‑rock peers on operating cost despite being in a Latin American rather than Chinese or Australian jurisdiction.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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