Peak Rare Earths Limited (ASX: PEK) has announced that its 84%-owned Tanzanian subsidiary, Mamba Minerals Corporation Limited, 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.
Additionally, the total SML area has increased from approximately 18km2 to 51km2 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
• Enables future exploration over the broader area
To find out more, please visit www.peakrareearths.com
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