Araxá

The Araxá project is St George Mining's 100%-owned rare earths and niobium deposit in Minas Gerais, Brazil (St George annual report, September 2026). In August 2026, St George described it as the largest high-grade carbonatite-hosted rare earths resource in South America (ASX, August 27, 2026). Its August 2026 resource report lists no ore reserve or detailed mine design (ASX, August 11, 2026).

Which Araxá project is this?

The Barreiro carbonatite at Araxá also hosts CBMM's niobium mine and Mosaic's phosphate mine (St George annual report). St George says its project sits next to CBMM, which it calls the world's largest niobium producer (ASX, September 2, 2026). CBMM's niobium and rare earth deposit has been mined for more than 60 years, St George's resource report says (ASX, August 11, 2026). Brazil accounted for about 93% of world niobium production in 2025, according to the USGS (USGS Mineral Commodity Summaries 2026).

St George completed its purchase of the project company from Itafos on February 27, 2025. After St George paid the deferred amounts on November 4, 2025, Itafos released its security over the project (St George annual report).

A weathered carbonatite deposit

The project lies in the Barreiro Carbonatite Intrusive Complex, a circular body about 5 kilometers across that formed about 90 million years ago (ASX, August 11, 2026). St George interprets Araxá as a residual enrichment deposit formed by long tropical weathering of carbonatite, a style REEx groups under carbonatite clays. The rare earths sit mainly in monazite and the niobium mainly in pyrochlore (ASX, June 11, 2026). The enriched saprolite zone runs from surface to depths of more than 150 meters in places (ASX, August 11, 2026).

How big is the Araxá project's resource?

In August 2026, St George reported a JORC resource, including Inferred material, of 111.2 million metric tons at 3.57% total rare earth oxides (TREO) and 0.57% niobium oxide, modeled by SRK Consulting. The company says it contains about 760,000 metric tons of neodymium-praseodymium (NdPr) oxides (ASX, August 11, 2026). The estimate leaves out East Araxá, about 1 kilometer to the east (St George annual report), where St George targeted a maiden resource in the fourth quarter of 2026 (ASX, August 11, 2026).

Permitting and timeline (as of October 2026)

On August 25, 2026, St George said it had lodged its environmental impact assessment (EIA) and environmental impact report with the Minas Gerais State Environmental Foundation. That filing opens the first of three state licensing stages: preliminary, installation and operation licenses. St George expects, based on industry experience, the first two stages to be completed within 12 months. It estimates construction would be finished in the second half of 2029, subject to conditions and a final investment decision. The company says that timeline assumes a greenfields development only (ASX, August 25, 2026).

Worley leads the feasibility study, which runs in parallel with permitting. St George is also evaluating the potential use of existing regional processing plants (ASX, August 25, 2026). The EIA includes baseline radiological monitoring for a carbonatite deposit with associated uranium and thorium (St George annual report).

Metallurgy and pilot plants

Initial flotation tests on about 5 metric tons of near-surface saprolite produced a niobium concentrate grading 39.6% niobium oxide at 54.3% recovery, plus a rare earth stream grading 15.7% TREO (St George annual report). A pilot study using about 9 metric tons of saprolite had begun at CIT-SENAI in Belo Horizonte by September 2, 2026, with results expected in the fourth quarter of 2026. It targets ferroniobium from the niobium concentrate and a mixed rare earth carbonate or oxalate from the rare earth tailings (ASX, September 2, 2026). In its September 2026 annual report, St George said its own pilot plant at the Araxá campus of CEFET-MG was under construction and expected to be completed by December 2026 (St George annual report).

Funding and partners (as of October 2026)

St George raised A$72.5 million in an October 2025 placement and A$60 million in a June 2026 placement, whose second tranche was issued on July 15, 2026. After that raise, Hancock Prospecting held 10.3% of the company (St George annual report). In February 2026, St George said Minas Gerais had signed a tax regime that exempts project equipment and materials from the state goods tax, which runs up to 18% (ASX, February 13, 2026).

A memorandum of understanding signed with U.S.-based REalloys on September 9, 2025, aims for REalloys to secure an offtake of up to 40% of Araxá's rare earth production. In January 2026, the period for reaching a definitive offtake agreement was extended to one year from signing (ASX, January 21, 2026). No definitive agreement had been announced as of October 2026. In its September 2026 annual report, St George said it continues to liaise with REalloys on the potential offtake arrangements (St George annual report).

On August 27, 2026, St George announced a protocol of intent with Lima & Pergher's START division and the state to assess a rare earths processing center at Uberlândia. St George and START will consider forming a jointly owned company, which would target operations by 2030 subject to a final investment decision and licensing approvals (ASX, August 27, 2026; see REEx on the processing center).

Why Araxá matters for rare earth supply

REEx has called Araxá's mix of grade, infrastructure and mining jurisdiction unusually attractive, while noting that metallurgy, recoveries, capital costs and radionuclides still need feasibility-level answers (REEx on Araxá permitting). REEx has also cautioned that strong drill results do not prove a commercially viable business (REEx on the 2026 drill results).

Araxá FAQ