“The lodging of the SML application is a significant milestone for the project,” says Peak Resources MD, Darren Townsend.
“The grant of an SML will allow Peak Resources to move forward with discussions on funding arrangements for the development of the project with perfect timing in the current climate of rising NdPr prices and increasing demand from electric vehicles.”
Major pre requisites for the grant of an SML include an environmental impact assessment certificate and detailed feasibility study.
With the completion of these items and the sharp rise in NdPr prices of over 100% in the last 12 months, Peak Resources has, through its 75% owned Tanzanian company and the holder of the Ngualla Prospecting Licences, PR NG Minerals, now lodged an application for an SML for the Ngualla Rare Earth Project.
An SML is designed for larger, long life mining and processing projects such as Ngualla, and may be granted over an area of up to 35 km2 and for a the life of the ore-body as stated in the feasibility study.
The SML application lodged for Ngualla is for a duration of 31 years over an area of 18.14 km2.
The Tanzanian regulators have always been very supportive of the development of the Ngualla project as a diversification of the country’s resources industry and the company looks forward to further collaborative discussions going forward.
The SML application will also enable project specific dialogue with the Tanzanian regulators to provide further clarity on the practical application for Ngualla of aspects of the new natural resources legislation passed in July 2017.
Feature image credit: Peak Resources