Peak signs funding MoU for Ngualla project
PERTH (miningweekly.com) – ASX-listed rare earths developer Peak Resources on Tuesday announced that it had signed a memorandum of understanding (MoU), which would see the Ngualla rare earths project fully funded through to production.
The transaction would see the funding take place over three stages with each stage confirming the economic parameters defined in a recent scoping study.
Stage 1 of the funding would cover the current prefeasibility study, which would likely be completed by the third quarter of this year, while the second stage of the funding would support the definitive feasibility study.
The third and final stage of the funding would provide final funding for the construction of the project, Peak said.
Without giving an indication of the amount of funding on offer, or the company involved, Peak said it was envisaged that the investor would earn a direct interest in the project through its funding.
“This MoU is the result of several months of discussions and negotiations,” said Peak executive chairperson Alastair Hunter.
He noted that the transaction was dependent on a due diligence and the completion of legal documentation. A formal agreement would likely be completed in May this year.
The Ngualla project, in Tanzania, has a resource estimate of 21.6-million tons, grading 4.54% rare earths, to contain some 982 000 t of contained rare-earth oxide. The project would deliver some 10 000 t/y of rare earth over a 25-year mine life, with first production expected in the first quarter of 2016.
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