Peak Resources Limited has announced that it has lodged application for a special mining license (SML) for Ngualla rare earth mine and multi-stage processing plant in Tanzania.
The application is in line with the Company's strategy to position Ngualla as the leading new development project ready for construction in time for the increased demand for NdPr from electric vehicles
"The lodging of the SML application is a significant milestone for the project. The grant of an SML will allow the Company to move forward with discussions on funding arrangements for the development of the project with perfect timing in the current climate of rising neodymium-praseodymium oxide ("NdPr") prices and increasing demand from electric vehicles," Managing Director, Darren Townsend said.
The SML application is the next important milestone for the project after the grant of the Environmental Impact Assessment Certificate and completion of the Bankable Feasibility Study earlier this year.
The substantial and sustained rise in NdPr prices of over 100 percent over the last twelve months has provided the company with the impetus to proceed with the SML application.
An SML is restricted to major mining and processing projects that have a capital investment over US $100 million and offers superior advantages over a Mining Licence in terms of the maximum area and period of tenure that can be approved.
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