Peak Rare Earths Limited (ASX: PEK) has announced the signing of a non-binding co-operation and development memorandum of understanding (MOU) with Tanzanian phosphate and fertilizer group, Minjingu Mines and Fertilizer Limited. Whilst Peak’s primary focus remains on the development of the Ngualla Rare Earth Project, the MOU supports the potential of a complementary phosphate operation.
Peak’s CEO, Bardin Davis, commented, “The potential development of a high-grade phosphate operation is an exciting opportunity and consistent with our vision of a multi-commodity and multi-generational Ngualla Project. It would provide a major source of phosphate for Tanzania and is consistent with government initiatives around enhancing agricultural yields and bolstering food security. We are delighted to be working with a highly experienced partner such as Minjingu Mines to unlock this opportunity.”
Minjingu Mines is a private Tanzanian company with a proven track-record within the Eastern and Southern African fertilizer market. Its operations include the Minjingu Phosphate Mine in Tanzania, one of the only active phosphate mines in Eastern Africa, where it produces a range of organic and blended fertilizer products. Minjingu Mines’ customer network extends to Tanzania, South Africa, Zambia, Kenya, Uganda, and Rwanda.
Under the terms of the non-binding MOU, Peak and Minjingu Mines will evaluate potential co-operation around the future development of phosphate from the Ngualla Deposit including mining and beneficiation, offtake and sales arrangements, transport and logistics, and potential joint venture, co-investment, partnering, and funding structures.
To find out more, please visit www.peakrareearths.com
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