Lindian Resources (ASX:LIN) has engaged Henk Ludik as a corporate finance advisor to help progress the development of the Kangankunde Rare Earths Project in Malawi.
Ludik’s role will be to work with industrial professional services company Gerald Group to progress a binding term sheet and to identify, review, and recommend other funding sources that will be beneficial to Lindian.
Ludik has over 20 years of experience in mining, investment banking, corporate finance and strategic advisory, having structured and secured project financing for large-scale mining operations across Africa, Australia, Europe, and the US.
Lindian non-executive Chairman Robert Martin says the company has received interest globally from multiple parties looking to finance Kangankunde.
“Given the scale and strategic importance of this asset, it is crucial that we have the appropriate skill set to help Gerald Group move to a binding term sheet and to evaluate the other opportunities and enquiries that the company has been presented, ensuring we secure the most favourable terms for our shareholders,” Martin says.
Lindian is currently working with the Gerald Group to progress to binding terms and is also assessing a range of funding enquiries that have presented themselves, including debt and strategic partnerships.
The Kangankunde Project is considered one of the largest undeveloped near-term production rare earths assets globally, which contains a resource of 261 million tonnes @ 2.14% total rare earth oxide.
In June 2024, the company completed a Feasibility Study which demonstrated Kangankunde has a US$40 million capex, with a pre-tax net present value of US$794 million and a pre-tax internal rate of return of 99%.
The project is considered to have a 45-year mine life with first production targeted for Q1 2026.
Lindian Resources is an Australian rare earth and bauxite-focused company that owns assets which will provide critical minerals to fuel the technologies of tomorrow, driving innovation, and supporting the world’s energy transition.
Write to Aaliyah Rogan at Mining.com.au
Images: Lindian Resources
