Midwest Energy Limited has signed a Memorandum of Understanding (MoU) with Non-Ferrous Materials Technology Development Centre (NFTDC) and PT Perusahaan Mineral Nasional (Persero) (PERMINAS) to collaborate on developing critical minerals and rare earth resources in Indonesia. The agreement establishes a framework for the parties to evaluate potential collaboration across the rare earth value chain, including upstream exploration, mining, processing, and downstream manufacturing, specifically rare earth magnet production. This marks the company's first structured collaboration with a Southeast Asian state-owned strategic minerals enterprise.

Partnership Overview

The MoU brings together Midwest Energy Limited, Midwest Limited, NFTDC, and PERMINAS in a collaborative framework targeting critical and rare earth minerals within Indonesia. The partnership is structured to address multiple stages of the mineral value chain, reflecting a comprehensive approach to resource development. The parties shall establish a joint working group to plan and monitor the project implementation.

The key focus areas of the partnership are outlined below:

Scope of the Agreement

The collaboration covers the full spectrum of the rare earth value chain. Under the terms of the MoU, the parties will contribute complementary areas of expertise:

• Midwest Energy Limited: Will provide technology and operational expertise in establishing Rare earth Magnet manufacturing plant.
• 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.
• 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.

Midwest Limited is identified as a Group Company of Midwest Energy Limited. The MoU does not specify any monetary consideration or financial commitment at this stage.