Peak Rare Earths’ (ASX:PEK) 84%-owned Tanzanian subsidiary Mamba Minerals Corporation has expanded the special mining licence area for the Ngualla Rare Earth Project.
The total area was boosted from roughly 18km2 to 51km2, offering the company a larger footprint with which to develop the Ngualla Project and future expansions.
Peak Rare Earths, which has a market capitalisation of $67.81 million, says the enlarged project area also provides a greater capacity to co-develop concurrent rare earths, phosphate, and fluorspar projects.
The expanded area also increases flexibility around locations for a potential mixed rare earth carbonate facility, which is consistent with Mamba Minerals’ long-term downstream strategy.
Under Tanzanian regulations, Mamba Minerals has launched a land valuation and a resettlement action plan process. At this stage, 20 affected small-scale farms have been identified.
The Ngualla Rare Earth Project is considered prospective for neodymium and praseodymium rare earths, and sits near the Ngwala Village, 150km from Mbeya in the Songwe region of Tanzania.
Write to Aaliyah Rogan at Mining.com.au
Images: Peak Rare Earths
