Australian Peak secures special mining licence for Tanzania rare earth project

Her Excellency, the President of Tanzania, Dr Samia Suluhu Hassan, overseeing the  exchange of Framework Agreement documentation between the Tanzanian Registrar, Mr.  Nehemiah Kyando Mchechu, and Peak Executive Chairman, Russell Scrimshaw, and Chief  Executive Officer, Bardin Davis. Photo: Peak

Peak Rare Earths Limited announces  that on Tuesday 25 April 2023 a Special Mining Licence (“SML”) for the Ngualla Rare Earth Project was granted by the Government of Tanzania.

The grant of the SML follows the signing of a binding Framework Agreement with the  Government of Tanzania with respect to the Ngualla Project on Monday 17 April 2023.

The SML was granted to Mamba Minerals Corporation Limited, which as stipulated  in the Framework Agreement, is owned 84% by Peak (via a 100% owned UK subsidiary,  Ngualla Group UK Limited) and 16% by the Government of Tanzania (via the Treasury  Registrar).

The SML will initially be over the area set out in the original SML application, which covers  ~18.14km2 and contains the Ngualla Project deposit, and for a term of up to 30 years.

In accordance with the terms of the Framework Agreement, the SML area will be expanded  in the future to include an existing Prospecting Licence (PL 10897/2016) and a recently  expired Prospecting Licence (PL 9157/2013). The initial term will also be amended to be the shorter of 33 years and the life of the mine, with the ability to extend on application in  accordance with the law at the time.