Name of the Project
Ngualla rare earth project.

Location
On the Ngualla carbonatite, southern Tanzania.

Project Owner/s
Peak Rare Earths.

Project Description
The Ngualla project is one of the biggest and highest-grade undeveloped neodymium/praseodymium oxide projects in the world.

The updated bankable feasibility study (BFS), completed in October 2022, estimates ore reserves at 18.5-million tonnes grading 4.8% total rare-earth oxides (TREOs) for contained TREOs of 887000 t.

Rare-earth ore mined from the Ngualla deposit will be processed through a concentration plant, which is co-located at the mine site. Ore will be beneficiated through a milling and two-stage flotation circuit, resulting in a high-grade rare-earth concentrate of about 45% TREOs.

Based on the original BFS, completed in 2017, the updated BFS has decreased the concentrate production from Ngualla from 18 200 t/y of TREO to 16 200 t/y over a 24-year mine life.

Net Present Value/Internal Rate of Return
The BFS update estimates a net present value, at a (real) 8% discount rate, of $1.48-billion and an equity internal rate of return of 37.3%.

Potential Job Creation
Not stated.

Capital Expenditure
Preproduction capital has decreased from $356-million in the 2017 BFS at $321-million.

Planned Start/End Date
With the completion of the BFS update, Peak’s focus will now shift to progressing the Ngualla project towards a final investment decision by the end of May 2023.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Wood (project management and BFS update lead); Oreology Mine Consulting (ore reserve update and mine planning); Knight Piésold Consulting (tailings management and water hydrology); Dhamana Consulting (environmental management); Future Proof (environment, social and governance strategy and reporting); Paulsam Geo-Engineering Company (environmental- and social-impact assessment); Ai (market analysis and pricing outlook; WaterBorne Capital (financial modelling and analysis); and Auralia Metallurgy (metallurgical testing).

Contact Details for Project Information
Peak Rare Earths, tel +61 8 9200 5360 or email info@peakrareearths.com.