JOHANNESBURG (miningweekly.com) – Tanzania’s Fair Competition Commission has delayed ASX-listed rare earths hopeful Peak Resources’ approval for funding from the Appian Natural Resources Fund and International Finance Corporation, for the corporation’s Stage 2 investment into Peak’s majority-owned associated company Peak African Minerals.
This would delay the availability of about A$3.1-million of funding needed for the completion of a bankable feasibility study (BFS) for the Tanzania-based Ngualla rare earth project.
Peak said it understood that the reason for the delay from the defined 120-day approval process, which was expected to be completed this month, was administrative in nature.
The company continued to liaise with its in-country advisers to obtain further information on when the Stage 2 application would be processed and was hopeful that the situation would soon be remedied.
Peak advised, however, that an extended regulatory delay could impact on the timing and, subsequently, the total cost of completion of the BFS, which was scheduled for completion in the first quarter of 2017.