PERTH (miningweekly.com) – Heavy rare earths developer Northern Minerals has secured A$14-million in funding to finance its Browns Range pilot plant project, in Western Australia.
The company this week reported the execution of an agreement with The Lind Partners, with the funding to be provided as second-ranking secured convertible securities, with a 30-month term.
The funding will be drawn down in two A$6-million tranches and two A$1-million tranches, based on specific events and aligning with the pilot plant timetable.
The proposed A$56-million pilot plant is a tenth of the scale of the full operation, and has a 60 000 t/y crushing beneficiation circuit, and 3 200 t/y hydrometallurgical plant, which will produce 590 t of total rare earth oxide in a mixed rare earth carbonate.
The first mixed rare earth carbonate production is expected in mid-2018.
The pilot plant is scheduled to operate for three years, during which time Northern Minerals will take a decision on whether or not to commit to the full-scale operation.