The Tanzanian Government has advised Peak Resources that its technical due diligence of the Ngualla Rare Earth Project and the SML application undertaken by the Ministry of Minerals Technical Committee (MMTC) is complete.
The technical due diligence is an important step in the SML process as it was requested by the Tanzanian Government Cabinet before they would give their consent to the application.
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As part of the technical due diligence process, productive meetings were held during the months of July and August to allow Peak Resources to respond to queries the MMTC had with respect to the application.
All queries were answered to the satisfaction of the MMTC. This process is now complete and Peak Resources understands that the MMTC have finalised their Report.
The Technical Report is now awaiting submission to the Cabinet of the Tanzanian Government. With the completion of this important step, Peak Resources is now only awaiting Cabinet approval of its SML application.
The SML is the final major regulatory requirement for the Project. Once approved, the company will be in a position to negotiate an economic framework for the project with the Tanzanian Government, including the form and nature of the Government’s free carried interest.
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The associated Teesside Refinery is already fully permitted and the land on which the refinery is to be situated is secured under an option agreement.
Peak Resources has exercised the second option in relation to the site which is valid until June 2021.
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Upon receipt of the SML, the Project will be the among the most advanced rare earth development projects that has a JORC Compliant Ore Reserve, completed definitive feasibility study and fully piloted process from ore to separated oxides that is permitted and ready to construct.
The Company will continue to keep the market informed as to the continuing progress of its SML application.