Browns funding delayed
PERTH (miningweekly.com) – A A$27-million funding package to progress the development of the Browns Range pilot plant project, in Western Australia, has been delayed, ASX-listed Northern Minerals has reported.
The rare earths developer in October announced a A$25-million subscription agreement with NRE Industrial Group, along with a A$2-million subscription agreement with a private sophisticated investor.
The NRE subscription agreement would comprise four tranches, consisting of a total of 240.4-million shares priced at between 9c and 11c a share.
The first A$1-million placement was due to be received at the end of October, but was delayed due to regulatory approvals in China, Northern Minerals reported on Thursday, with the company saying that this delay has caused further delays of the A$2-million placement with the private investor.
“We are still working on the approvals, although there are technical difficulties, but we are still going to finish the subscription as soon as possible,” NRE said this week.
Northern Minerals told shareholders that the company would continue to work with NRE to finalise this tranche and continue with the balance of the A$27-million funding package.
The pilot plant is expected to produce 573 000 kg of mixed heavy rare earth carbonate containing terbium and dysprosium as revenue products, over a three-year period.
The plant was commissioned in June this year and produced its first rare earth carbonate in October.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation