PERTH (miningweekly.com) – ASX-listed rare earths developer Peak Resources has secured a A$5-million loan to allow for development activities at the Ngualla rare earths project, in Tanzania, to continue.
The company reported on Monday that, with the conditions precedent for the closing of a A$29.5-million strategic funding deal with Appian Natural Resource Fund and International Finance Corporation completed, the new funding would allow Peak to continue to accelerate its development studies, while seeking one final Tanzanian regulatory approval.
The A$5-million loan facility, secured with Appian, would be repaid out of the A$29.5-million strategic funding.
The prefeasibility study estimated a capital cost of $282-million for the Ngualla project, which would operate for 58 years, delivering 10 000 t/y of rare earths with room for expansion.