Peak granted mining licence for Tanzania rare earths project
ASX-listed Peak Resources has announced that the Tanzanian government has approved its application for a special mining licence for the Ngualla rare earths project.
The company is now working with the Tanzanian government to finalise an economic framework agreement, a shareholders’ agreement and other documents required as part of a formal grant of the licence.
The licence marks a milestone in the regulatory authorisation required to exclusively mine on the 18.14 km2 property.
The company plans to start construction on the $200-million project by the end of September 2022, following finalisation of funding, offtake and development arrangements. Construction will take about two years.
Ngualla will be one of the largest and highest-grade neodymium and praseodymium projects in the world.
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