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.