Name of the Project
Goschen rare earths and mineral sands project. 

Location
Loddon Mallee region, Victoria, Australia. 

Project Owner/s
Rare earths and mineral sands company VHM Limited.

Project Description
The Goschen project is an integrated rare earths and mineral sands project. 

It is being advanced at a permitted processing capacity of five-million tonnes a year, replacing the previously proposed staged development approach that would have started at 1.5-million tonnes a year. 

The project is expected to generate revenue from two product streams comprising rare earths and heavy mineral concentrates, including zircon and titanium dioxide. Its rare earth assemblage includes light rare-earths neodymium and praseodymium, as well as heavy rare-earths dysprosium and terbium. 

Mining is planned as a shallow-pit truck-and-shovel operation using a conventional processing flowsheet. 

Potential Job Creation
Not stated. 

Capital Expenditure
VHM plans to undertake a full refresh of the capital cost estimate to reflect current market conditions and the definitive project implementation. This is expected to be completed by June 2026. 

Planned Start/End Date
A final investment decision is planned for mid-2026. 

Latest Developments
VHM has entered into an agreement with fellow-listed Iluka Resources for the long-term supply of all planned rare-earth concentrate.

Under the agreement, VHM will supply Iluka with 146 000 t of rare earths concentrate containing 86 000 t of rare-earth oxides (REOs) over a 18 years. This equates to 8 320 t/y of rare earth concentrate containing about 4 900 t of total REOs.

This will complement feedstock for Iluka's Eneabba rare earths refinery, with the company saying its overall refinery production levels will depend on the optimal blend of internal and external feedstocks, as well as circuit capacity constraints.

VHM has also granted Iluka a right of first refusal over any additional rare earths produced from Goschen, and VHM's earlier-stage Cannie and Nowie projects.

Iluka is working to bring Australia's first fully integrated rare earths refinery on line, which will produce separated light and heavy rare earth oxides. The refinery is currently 50% complete, with commissioning expected in mid-2027.

To support VHM's development of Goschen, Iluka will provide a $40-million secured convertible note in two tranches: $10-million initially and $30-million after the final investment decision on the project as part of VHM's construction funding package.

The pricing of the concentrate will be determined by a mechanism that is linked to the price realised by Iluka from the sale of its rare earths products from the Eneabba refinery.

VHM has environmental approvals for Goschen in place and has received letters of funding interest from the Australian and US governments.

Key Contracts, Suppliers and Consultants
None disclosed.

Contact Details for Project Information
VHM Limited, email investor@vhmltd.com.au.