Shenghe Resources expedites development of Tanzania-based Ngualla rare earth ore project
2022-10-21 15:34:51 [Print]
On October 19, Shenghe Resources announced that, in order to expedite development of the Tanzania-based Ngualla rare earth ore project, it signed a non-binding memorandum of understanding ("the MoU") with a Australian company Peak Rare Earths Limited.
According to the MoU, Shenghe Resources will purchase 75-100% of products of the Ngualla project, including high grade rare earth concentrate and mixed rare earth carbide, in the initial period of seven years, which can be extended upon mutual discussion before expiration. In addition, under the premise of adhering to laws in China and any other related countries, the two sides will undertake potential technical cooperation in regard to mining and beneficiation of the project; and the two sides will also discuss possibilities of Shenghe Resources acquiring the project at a consideration acceptable to the two sides.
With an estimated investment of around USD200 million, the Ngualla project has an annual ore processing capacity of 800,000t and annual rare earth concentrate (45%REO) production capacity of around 37,200t.
According to the MoU, Shenghe Resources will purchase 75-100% of products of the Ngualla project, including high grade rare earth concentrate and mixed rare earth carbide, in the initial period of seven years, which can be extended upon mutual discussion before expiration. In addition, under the premise of adhering to laws in China and any other related countries, the two sides will undertake potential technical cooperation in regard to mining and beneficiation of the project; and the two sides will also discuss possibilities of Shenghe Resources acquiring the project at a consideration acceptable to the two sides.
With an estimated investment of around USD200 million, the Ngualla project has an annual ore processing capacity of 800,000t and annual rare earth concentrate (45%REO) production capacity of around 37,200t.
