Si6 Metals (ASX:Si6) is set to proceed with the acquisition of a Brazilian lithium and rare earth elements portfolio from Foxfire Metals.

The company said the purchase comes after successful due diligence and is still subject to shareholder approval.

It also said the portfolio contains about 17,800 hectares of lithium and rare earth assets located in North Minas Gerais ("Lithium Valley") and South Minas Gerais (Caldera Project) areas.

Si6 Metals added that the acquisition will diversify its holdings in Brazil, Botswana, and Australia, and position the company well within the electric vehicle (EV) industry.