24
Jul
12:18
Peak, Shenghe partner to fund Tanzania REE mine
Australia-listed Peak Rare Earths said Wednesday it has extended its partnership with Chinese miner Shenghe Resources to develop and fund the Ngualla rare earths element (REE) project in Tanzania.
Under a non-binding term sheet, Shenghe will acquire a 50% stake in Ngualla Group UK (NGUK), a UK-based firm that owns 84% of the Ngualla project, by subscribing for new shares worth AUD 96 million ($63.3m). The deal has an implied valuation of AUD 0.36/share, which Peak…
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