St George Mining Ltd (ASX: SGQ) has received full shareholder approval for its acquisition of the Araxá Niobium-Rare Earth Elements (REE) Project in Minas Gerais, Brazil.
At a General Meeting in Perth, all resolutions required to proceed with the acquisition were passed. The company expects to finalise the transaction by February 24, 2025.
The Araxá Project is considered a high-grade, de-risked asset, with historical drilling confirming significant niobium and REE mineralisation.
More than 500 intersections have recorded high-grade niobium (>1% Nb₂O₅), with grades reaching up to 8% Nb₂O₅ and rare earths up to 33% TREO. The project benefits from existing infrastructure and government support for fast-tracked approvals.
St George sees Araxá as a major opportunity to establish itself as a key player in the global niobium market.
The project is in a region known for niobium production, where CBMM has been operating for more than 40 years.
The company has assembled an experienced in-country team, including experts in niobium mining and processing, to advance exploration and development.
St George plans to begin on-ground work, including drilling and metallurgical testing, immediately after completing the acquisition and aims to quickly assess the project's development potential.