The Ngualla rare earth project is expected to break ground in late 2022. (Credit: Khusen Rustamov/Pixabay)
Peak Resources has secured a special mining license (SML) from the Tanzanian government for its AUD200m ($147.4m) Ngualla rare earth project located in the southern part of the East African country.
The Australia-based company’s fully-owned subsidiary PR NG Minerals was given approval by the Cabinet of Ministers of the government.
Peak Resources said that it will now work with the Tanzanian government for finalizing an economic framework agreement, shareholders’ agreement, and other related documentation as needed for a formal grant of the SML by the Minister of Minerals.
The SML gives the company the exclusive right to undertake mining operations at the Ngualla rare earth project, which spans an area of nearly 18.14km2.
The neodymium and praseodymium (NdPr) rare earth project is located on the edge of the East African Rift Valley and is nearly 147km from Mbeya. It has an initial mine life of 26 years.
Peak Resources managing director Bardin Davis said: “This is a landmark moment for Peak and will position Ngualla among the most advanced rare earth development projects that is fully permitted, has a JORC Compliant Ore Reserve, licence to mine, completed Bankable Feasibility Study and a fully piloted process from ore to separated oxides.
