Chilean private equity firm Mineria Activa sold its stake in BioLantanidos to Hochschild Mining PLC for US$53.6m. BioLantanidos holds high grade deposits of rare earths important to the production of permanent magnets often used in electric vehicles and clean energy industries.
(Press Release) BioLantanidos is pleased to announce that Hochschild Mining PLC has acquired 93.8% of BioLantanidos for US$56.3mm, reaching a 100% ownership of the Company.
The seller is Mineria Activa, a private equity fund manager focused on mining in Latam.
Ignacio Del Rio, Board Director of BioLantanidos, commented: “We are very pleased with the transaction since Hochschild brings capacity to take the Project successfully into production. They have proven experience in project construction and operation, with financial capabilities to support it. Additionally, they have a great fit with BioLantanidos, where sustainable mining is a core value.”
BioLantanidos has a high grade REE ion clay deposit which is rich in rare earths used to build permanent magnets, which are under increasing demand for the electric vehicles and clean energy industries. BioLantanidos is set to become a sustainable, traceable and geopolitical independent source of REE produced at the lowest cost.