Peak Resources

Peak Resources is actively engaging with the Tanzanian government and Mining Commission to expedite the issuing of a Special Mining Licence (SML) for its Ngualla project.

Tanzania – At a recent meeting between Peak Resources and Minister for Minerals, Doto Biteko it was confirmed that the parliamentary cabinet papers in relation to the project’s SML application have been prepared and are awaiting consideration by the cabinet.

The minister also noted that he is confident that the cabinet will approve the application after the rigorous assessment already undertaken by the Mining Commission. He also stated that his ministry is highly motivated to have the pending SMLs approved as soon as possible to facilitate new investment into the country through the resources sector.

Peak Resources received notice in October 2018 that the Mining Commission had recommended the SML application for approval. A meeting with the chairman and CEO of the Mining Commission at the end of March confirmed that the cabinet secretaries were currently reviewing the application ahead of the cabinet meeting. As part of this review Peak Resources was asked to submit further information on the Ngualla’s financial model and resource data.

Government backing

In addition, the minister is aware of the numerous community programmes that Peak Resources has undertaken and the wider support the company has in the local region. The chairman of the Mining Commission stressed that the delay has unfortunately been caused by the new processes that were introduced in the 2017 legislation and the time it has taken for the government to implement those changes.

The delay does not reflect any lack of support from the government, which is keen for the Peak Resources to develop the project as quickly as possible.

Peak Resources’ CEO, Rocky Smith commented: “The SML is the final regulatory requirement for the Ngualla project, with the associated Teesside Refinery already fully permitted and land secured under option. Once granted the Ngualla Project will be the only rare earth development project that has a JORC Compliant Ore Reserve, completed definitive feasibility study and fully piloted process from ore to separated oxides that is fully permitted and ready to construct.”