Perpetual Resources Ltd (ASX:PEC) has signed a non-binding Memorandum of Understanding (MOU) with state authorities from Minas Gerais in Brazil which is set to aid the advancement of Perpetual’s multiple projects within the state through exploration and development.
The MOU will allow Perpetual to access support from Invest Minas – the state’s investment and foreign trade promotion agency – through various phases of project development, including approvals and licensing, with additional support to connect with local suppliers.
On the other side, the State Economic Development Department and Invest Minas view the agreement as facilitating the development of an emerging battery feedstock supply chain within the state.
Perpetual holds a suite of projects within the south-eastern region, focusing on lithium, rare earths/REE, and tin. According to the MOU, the focus of development support will be on Isabella (lithium), Itinga (lithium and tin) and Raptor (REE).
The arrangement will also see the trustee group gain promotional support from Invest Minas through investment announcements.
Executive Chairman Julian Babarczy said the board was honoured to be partnering with Invest Minas to progress these projects.
“To have received such support for our projects from the State Government is a strong endorsement of the quality of our exploration assets and underpins our ability to advance these projects with full support from local and state governments divisions,” he said.
Perpetual shares have risen on the news. At 13:33 AEDT, they were trading at $2.96 – a rise of 3.86% since the market opened.
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