PERTH (miningweekly.com) – Rare earths developer Peak Resources on Tuesday told shareholders that it had received a letter of interest from the US government agency the Overseas Private Investment Corporation (OPIC), stating that it would consider financing the Ngualla rare earths project, in Tanzania.
Peak told shareholders that the OPIC financing would be subject to the agency’s usual review and approvals process.
The letter of interest was issued following Peak’s roadshow to the US, UK and Japan.
“I am extremely encouraged by the reception I received from the relevant governmental groups and their level of interest in Peak and the project,” said Peak CEO Rocky Smith.
“Peak has a unique promotional platform having the combined attributes of one of the world’s largest and highest-grade, light rare earth deposits, located in Tanzania, and plans for a rare earth separation hub in Tees Valley, in the UK.”
Ngualla, in which Peak holds a 100% interest, is expected to deliver 32 700 t/y of mineral concentrate over its 26-year mine life.
Smith said that both the UK and US had significant funds available to support and promote business activity, including the development of mining projects in Africa, with the UK having specific funds earmarked for projects in Tanzania.