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Meteoric Resources Enters Partnership With South Korea Company; Shares Up 7%

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Meteoric Resources (ASX:MEI) entered into a memorandum of strategic partnership with South Korea-based Posco International to advance the development and commercial production of rare earth materials from the Caldeira project in Brazil, according to a Wednesday filing with the Australian bourse.

The two parties agreed that the proposed partnership would represent roughly 30% of rare earth material from the project for up to seven years, the filing said.

Meteoric Resources shares rose 7% in midday trade Wednesday.

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