Midwest Ltd, Midwest Energy Ltd, NFTDC and PT Perusahaan Mineral Nasional Sign MoU to collaborate on developing Critical Minerals and Rare Earth Resources in Indonesia

Midwest Limited has announced that it has, together with Midwest Energy Limited and the Non-Ferrous Materials Technology Development Centre ("NFTDC"), signed a Memorandum of Understanding ("MoU") with PT Perusahaan Mineral Nasional (Persero) ("PERMINAS"), Indonesia's state-owned strategic minerals enterprise.

This MoU establishes a framework for the parties to evaluate potential collaboration across the rare earth value chain in Indonesia, including upstream exploration and resource assessment, mining, processing, extraction, refining and downstream manufacturing in general and Rare earth magnet production in particular. This further opens up further opportunities in related areas.

This milestone reinforces Midwest Limited's ongoing strategy to build a meaningful presence across the rare earth value chain, complementing its existing initiatives in the sector. It marks its first structured collaboration with a Southeast Asian state-owned strategic minerals enterprise.

Under the terms of this MoU, the parties shall establish a joint working group to plan and monitor the project implementation.

Scope of Each Party

Under the MoU, Midwest Limited, Midwest Energy Limited, and NFTDC will collaborate as a consortium, contributing complementary areas of expertise: Midwest Limited will contribute expertise in exploration, mine planning, environmental studies, mining and mineral processing operations, and the extraction and separation of rare earth elements. While Midwest Energy Limited will provide technology and operational expertise in establishing Rare earth Magnet manufacturing plant, NFTDC will provide technology, technical expertise and services across the value chain.

PERMINAS will provide access to critical minerals and rare earth resources for Joint Development in Indonesia.

Shares of Midwest Energy LTD. was last trading in BSE at Rs. 4173.10 as compared to the previous close of Rs. 4101.50. The total number of shares traded during the day was 762 in over 75 trades.

The stock hit an intraday high of Rs. 4246.50 and intraday low of 4125.00. The net turnover during the day was Rs. 3180870.00.

Shares of Midwest Limited was last trading in BSE at Rs. 1347.05 as compared to the previous close of Rs. 1359.90. The total number of shares traded during the day was 1636 in over 203 trades.

The stock hit an intraday high of Rs. 1407.00 and intraday low of 1334.00. The net turnover during the day was Rs. 2229055.00.

Source : Equity Bulls

Keywords

Midwest INE0XAD01024 Granites Marbles MIDWESTENERGY INE519N01014 NFTDC Persero MoU RareEarthMinerals