Peak Rare Earths Limited’s (ASX: PEK) 84%-owned Tanzanian subsidiary, Mamba Minerals Corporation has successfully expanded the Special Mining Licence (SML) area for the Ngualla Project.
As provided under the terms of the Framework Agreement with the Government of Tanzania, the Tanzanian Mining Commission has approved the enlargement of the SML area to include two Prospecting Licences (PL9157-2013 and PL10897-2016), which were previously held by a 100% owned Peak subsidiary.
The total SML area has increased from approximately 18 sq. km to 51 sq. km following the enlargement, providing Mamba Minerals with a substantial landholding to accommodate the initial development of the Ngualla Project as well as exploration and growth initiatives.
Key benefits of the enlarged SML area include:
- A larger footprint to develop the Ngualla Rare Earth Project and associated infrastructure requirements;
- Greater capacity to co-develop concurrent rare earths, phosphate and fluorspar projects as well as support future expansions;
- Increased flexibility around the locations for a potential Mixed Rare Earth Carbonate (MREC) facility, which is consistent with Mamba Mineral’s longer-term downstream strategy; and
- Enables future exploration over the broader area.
Consistent with the multi-generational potential of the Ngualla Project, the initial term of the enlarged SML has been extended to 30 years with an ability to apply for future extensions.
