Aclara Resources’ Carina project in Goiás is advancing a rare-earth development model that connects Brazilian ionic-clay resources with downstream permanent-magnet manufacturing in Europe. The project completed its feasibility study in April 2026, producing an after-tax net present value of approximately US$1.7 billion. Carina is designed to produce mixed rare-earth carbonate containing neodymium, praseodymium, dysprosium and terbium, including the heavy rare earths required for high-performance permanent magnets.
Carina’s proposed mining and processing route differs from conventional hard-rock rare-earth operations. Instead of mining and crushing hard rock, the project would recover rare earths from ionic clays through a controlled washing and recovery process.
Ionic-clay processing forms the basis of Carina
The planned process could lower energy requirements compared with conventional hard-rock extraction, but commercial-scale development will depend on maintaining recovery rates, managing water consumption and demonstrating stable residue management. Aclara’s downstream strategy is centred primarily on a proposed separation facility in Louisiana. The project’s European industrial connection comes through a strategic alliance with German permanent-magnet producer Vacuumschmelze (VAC).
The Aclara-VAC relationship is intended to establish a supply chain linking South American rare-earth production with high-performance magnet manufacturing for European automotive, industrial and energy customers. VAC’s involvement also connects Carina with downstream requirements for chemical purity and product consistency needed in magnet production.
German magnet partnership requires commercial agreements
The strategic relationship has not yet been converted into binding commercial arrangements. Future financing will require defined annual supply volumes, product specifications, pricing mechanisms, customer remedies and provisions addressing potential production shortfalls. The timing of the Brazilian operation and the proposed Louisiana separation facility will also need to be aligned. Financing parties will assess whether both parts of the processing chain can be developed and commissioned according to compatible schedules.
Carina’s feasibility-stage US$1.7 billion after-tax NPV provides the project’s reported valuation benchmark, but financing will depend on capital expenditure requirements, recovery guarantees and confidence in the integrated processing route. The German magnet partnership provides an established downstream connection, particularly for dysprosium and terbium, but the project still faces construction and metallurgical requirements before the proposed supply chain can become operational.
The planned structure would connect the Brazilian ionic-clay resource, the proposed Louisiana separation facility and VAC’s German magnet manufacturing operations through the production and processing of mixed rare-earth carbonate. Binding contracts covering these stages remain necessary to establish the commercial framework for the integrated development.
