IFC backs Peak's rare earths project
PERTH (miningweekly.com) – The International Finance Corporation (IFC) has signed on to ASX-listed Peak Resources’ Ngualla rare earths project, in Tanzania, by joining a consortium with Appian Natural Resources Fund.
In September, Peak announced that Jersey-based private equity investor Appian had agreed to a total investment of $25-million, which included a $3-million binding bridge loan facility.
The financing would fund Peake through the bankable feasibility study for Ngualla.
The IFC would now contribute about 20% of this funding, with the investment representing the financial institution’s first within the rare earths space.
“Following the introduction by Appian of IFC, we are very pleased to have attracted an organisation of the standing and reputation of IFC as part of the consortium with Appian in the $25-million funding package,” said Peak MD Darren Townsend.
“The favourable technical aspects of the Ngualla project, together with the expertise and abilities these strategic partners bring, put Peak in a solid position to become one of the next new rare earths producers.”
The agreement with Appian was subject to final documentation and receipt of regulatory approvals.
The preliminary feasibility study estimated a capital cost of $282-million for the project, which would operate for 58 years, delivering 10 000 t/y of rare earths with room for expansion.
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