Mosaic Fertilizantes P&K Limitada, a subsidiary of The Mosaic Company, and Rainbow Rare Earths Limited have entered into a joint development agreement to advance the Uberaba rare earths project in Minas Gerais, Brazil. Mosaic will hold a 51% stake while Rainbow will hold 49%, and the parties plan to conduct a prefeasibility study in 2026 with a definitive feasibility study later that year.
The preliminary economic assessment values the project at a net present value of $916 million and projects $217 million in annual EBITDA over a 30‑year life, with a 1.7‑year payback period based on a $279 million capital expenditure. Production is targeted for 2030, with an annual output of 1,900 tonnes of NdPr oxide and 600 tonnes of SEG+ product.
The project leverages phosphogypsum waste generated by Mosaic’s existing fertilizer operations, turning a by‑product into a new revenue stream and aligning with Mosaic’s strategy to diversify beyond traditional fertilizer markets. The move also supports the U.S. Department of the Interior’s critical minerals agenda, which added phosphate and potash to its Critical Minerals List in November 2025, and addresses geopolitical concerns about dependence on China for rare earths.
Mosaic and Rainbow will begin a prefeasibility study in 2026, followed by a definitive feasibility study later that year. If the studies are positive, construction could start in 2027, positioning the project to reach first production in 2030.
"Brazil is emerging as a strategically important jurisdiction for rare earth development in the Americas," said Mosaic President and CEO Bruce Bodine. "The Uberaba project brings together Mosaic's Brazilian operations with Rainbow's rare earth expertise. Together, we will evaluate the responsible recovery of critical materials from our existing phosphate operations." The announcement has been met with a positive market reaction, reflecting investor interest in Mosaic’s expansion into critical minerals and the potential for value creation from waste streams. Analysts note that while Mosaic’s core fertilizer business faces headwinds, the rare‑earth venture could provide a significant upside and diversify revenue sources.
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