Midwest Ltd Rare Earth Assets Overseas Mining Project

planned

Hyderabad-based Midwest Ltd has become the first Indian private company to secure overseas rare earth assets through an agreement with Indonesia's state-run PT Perusahaan Mineral Nasional (PERMINAS). The project involves exploration, mining, mineral processing, extraction and separation of rare earth elements, and downstream manufacturing of permanent magnets in collaboration with Midwest Energy Ltd and NFTDC. The companies aim to produce 5,000 tonnes of oxide to create 20,000 tonnes of magnets from Indonesian assets within four years.