Romex focus on financing for their heavy rare earth project
2019-12-03 15:50:06 [Print]
BEIJING (Asian Metal) 3 Dec 19 - Russian Romex Ltd. focuses on financing for their Romex heavy rare earth project at present, and their first stage target is to raise USD10 million, according to a source from the company.
"For the first stage, we are going to raise USD10 million in order to set up a joint venture company for this project and obtain the mining license from the government. For the second stage, we expect to raise USD60 million for the construction and operation of the pilot plant," said the source, adding that they are communicating with some Chinese and Australian companies regarding this at present.
Romex heavy rare earth project, which located 155km south-east of the regional city centre in Russia, owns a total identified resource of 64 million tons including 0.49% of TREO (contains 40% of heavy rare earth). The composition of the ore is 22.54% of rare earth minerals, 19.97% of aegirine, 19.65% of nepheline and 20.04% of feldspar. The mine life is as long as 64 years. They plan to produce around 1 million ton of rare earth ores, which contains 3,000t of mixed rare earth every year. According to the pilot plant test work, the recovery rate of rare earth mineral from the ore into concentrate reached as high as 83.2% of recovery.
Following the increasing prices in domestic Chinese market, current mainstream export prices of Chinese dysprosium oxide 99.5%min increased by around USD3/kg to USD228-233/kg FOB China over the past week in spite of the weak demand. Overseas importers are in no hurry to replenish stocks, which results in slow buying activities in the market. Supported by producers' firm cost, insiders predict that mainstream export prices of Chinese dysprosium oxide 99.5%min would show steady trend in the coming week.
"For the first stage, we are going to raise USD10 million in order to set up a joint venture company for this project and obtain the mining license from the government. For the second stage, we expect to raise USD60 million for the construction and operation of the pilot plant," said the source, adding that they are communicating with some Chinese and Australian companies regarding this at present.
Romex heavy rare earth project, which located 155km south-east of the regional city centre in Russia, owns a total identified resource of 64 million tons including 0.49% of TREO (contains 40% of heavy rare earth). The composition of the ore is 22.54% of rare earth minerals, 19.97% of aegirine, 19.65% of nepheline and 20.04% of feldspar. The mine life is as long as 64 years. They plan to produce around 1 million ton of rare earth ores, which contains 3,000t of mixed rare earth every year. According to the pilot plant test work, the recovery rate of rare earth mineral from the ore into concentrate reached as high as 83.2% of recovery.
Following the increasing prices in domestic Chinese market, current mainstream export prices of Chinese dysprosium oxide 99.5%min increased by around USD3/kg to USD228-233/kg FOB China over the past week in spite of the weak demand. Overseas importers are in no hurry to replenish stocks, which results in slow buying activities in the market. Supported by producers' firm cost, insiders predict that mainstream export prices of Chinese dysprosium oxide 99.5%min would show steady trend in the coming week.
