Peak Rare Earths granted Special Mining Licence for Ngualla project

Peak Rare Earths has announced that the Government of the United Republic of Tanzania had granted a Special Mining Licence (SML) for the Ngualla Rare Earth Project.

The SML was granted to Mamba Minerals Corporation, which is owned 84% by Peak and 16% by the Government of Tanzania. The SML covers an area of approximately 18.14 km2 and includes the Ngualla Project deposit, and will initially be valid for up to 30 years.

Framework Agreement

The grant of the SML follows the signing of a binding Framework Agreement between Peak and the Government of Tanzania on Monday, April 17, 2023. According to the Framework Agreement, the SML area will be expanded in the future to include an existing Prospecting Licence and a recently expired Prospecting Licence. Additionally, the initial term of the SML will be amended to be the shorter of 33 years and the life of the mine, with the possibility of extension on application in accordance with the law at the time.

This announcement marks a significant milestone for Peak Rare Earths and the Ngualla Rare Earth Project. The Ngualla Project is expected to be a major producer of rare earth elements, which are essential for many high-tech and clean energy applications. The grant of the SML is a critical step in the development of the project and represents a major achievement for Peak Rare Earths and its partners.