Peak Resources Signs MoU with Chinese REE Producer

Tanzania-focused Peak Resources (ASX:PEK) said this week that it has executed a Memorandum of Understanding (MoU) with a Chinese rare earth producer to develop its Ngualla Rare Earth Project.

Peak said its Chinese partner is an established REE producer based in Northeast Jiangsu Province.

Terms of the MoU, as quoted in the press release, are:

• Chinese partner to review and provide technical expertise in the further optimisation of the demonstrated mineral process developed for Ngualla’s rare earth mineralisation including beneficiation, acid leach recovery and separation

• Chinese partner may introduce further parties for the purpose of investment, project  construction, processing, engineering studies and marketing

• Examine opportunities for the establishment of a jointly owned separation plant

• A direct investment by the Chinese partner to assist with the development of the Ngualla Rare Earth Project

• Negotiate an offtake agreement for Ngualla rare earth mineral concentrate, mixed carbonate or other intermediate products

Read the full press release by Peak Resources (ASX:PEK)