Aclara Resources has nearly doubled the estimated value of its Penco Module rare earths project in Chile in an updated preliminary economic assessment. Post tax net present value is now estimated at 344 million dollars, against pre production capital costs of 244 million dollars, with an internal rate of return of 26.1 percent and a mine life extended by three years to 17 years. The improvement came despite the discount rate rising to 8 percent from 5 percent in the 2021 study and initial capital roughly doubling, helped by a 55 percent increase in material processed to 30.8 million tonnes and higher forecast rare earth prices.
The resource grew with the study. Measured and indicated resources are now 35.8 million tonnes grading 2,095 parts per million total rare earth oxides for 75,025 contained tonnes, a 19 percent rise in contained rare earths, and inferred resources grew 29 percent to 2.2 million tonnes at 1,768 parts per million. Average annual production is forecast about 5 percent lower than in 2021 at 732 tonnes of rare earth oxides, but in a super pure carbonate rich in heavy rare earths, including dysprosium at 6 percent, terbium at 0.8 percent and yttrium at 54.5 percent of the product mix.
Penco, about 430 kilometres south of Santiago, hosts rare earths in shallow ionic clays that require no blasting, crushing or grinding. Aclara received final environmental approval in June after a process of more than four years, plans a feasibility study in the first quarter of 2027 and expects mine construction to finish in 2028. Shares gained 3 percent to 2.97 dollars on Monday, valuing the company at about 736.6 million dollars.
The strategic claim is integration. Output from Penco and the Carina Module in Brazil, still in permitting, would feed Aclara’s Dynamo separation and metals plant in Louisiana, where construction is targeted to begin in early 2027 and the US Export-Import Bank could provide up to 750 million dollars subject to conditions. “The potential integration of Penco with our separation and metals and alloys facilities in Louisiana offers a compelling opportunity to capture synergies across the value chain,” chief executive Hugh Broadhurst said.