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Investing Guides
Makuutu Land Access Agreement Verification Completed by DGSM for Stage 1 Mining License Application
November 28, 2023
Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is pleased to provide a further update on progress in securing land access agreements and the verification process for the Mining Licence Application (MLA) for the Stage One development of the Makuutu Rare Earths Project (“Makuutu”) over Retention Licence (RL) 1693 (application TN03834), through local Ugandan operating entity Rwenzori Rare Metals Limited (“RRM”).
- Ugandan Government representatives from the Directorate of Geological Survey and Mines (DGSM) have completed the on-site verification processes noting strong local support from stakeholders providing positive social licence to operate;
- Land access agreements now secured for over 95% of the full 44km2 Mining Licence Application (MLA) for the Stage One development of the Makuutu Project over Retention Licence (RL) 1693 (application TN03834);
- Final administrative stages of the Mining Licence approval process underway; and
- Makuutu’s basket contains 71% magnet and heavy rare earths content, and is one of the most advanced heavy rare earth projects globally available as a source for new supply chains emerging across Europe, the US, and Asia.
The Ugandan government approved RRM’s proposed process to secure land access agreements on 15th September 2023. Land access agreements have now been secured for 95% of the MLA.
As noted in earlier announcements, the Makuutu Heavy Rare Earths Project has the Government’s full support and is set to become Uganda’s flagship mine (refer also to IXR ASX release on the 11th of September 2023 for more detail).
Last week, RRM hosted a delegation from the Directorate of Geological Survey and Mines (DGSM) to conduct physical verification and stakeholder engagement activities. The Delegation undertook a three-day process on behalf of the Permanent Secretary of the Ministry of Energy and Mineral Development (MEMD) to verify the process undertaken and results achieved by RRM in securing Land Access agreements as part of the Mining Licence application process.
Key observations of the visit by the DGSM conveyed to the Company indicated that across the three districts, local stakeholders confirmed satisfaction with project engagement and emphasised that RRM should be granted a mining licence.
On conclusion, the DGSM lead confirmed that an excellent land acquisition and community engagement process had been undertaken. The DGSM also noted that RRM has a social licence to operate in the project area based on the goodwill noted over the three days and the continued support for the Project by the community.
The company is now engaging with the DGSM and MEMD on the formal award, and the gazetting of the formal award of the Stage 1 mining license over TN03834.
Figure 1: Makuutu Project area showing stage 1 MLA area at RL 1693 / TN03834, pending award.
Click here for the full ASX Release
This article includes content from Ionic Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
IXR:AU
16h
Rare Earths Market Forecast: Top Trends for Rare Earths in 2025
Rare earths prices saw some gains in May 2024, fueled by positive sentiment over consumer demand in China.
While both dysprosium (Dy) and neodymium-praseodymium (NdPr) oxides benefited from this positivity, Benchmark Mineral Intelligence notes that Dy oxides registered the largest gain, moving 10 percent high month-on-month.
“This was the first-time rare earths prices had recovered after a continuous decline (in 2023), but after a brief recovery, prices are now falling again,” Benchmark pricing and data analyst George Ingall said in a May report.
The move for Dy oxides was more pronounced as the market is smaller. NdPr oxide was up a more moderate 0.6 percent.
Muted demand has weighed on prices, but year-on-year increases in mine supply have also capped price growth.
Global rare earths output has rapidly risen from 240,000 metric tons in 2020 to 350,000 metric tons in 2023, according to US Geological Survey data. The lion’s share of rare earth production continues to be dominated by China, a factor that remains relevant for the industry as the Asian nation continues to flex its control.
East vs. west divide still key for rare earths
Rare earths, which are essential in various high-tech applications, including electric vehicles (EVs), wind turbines and electronics, have become a political pawn between the east and west.
Currently, China and the US are locked in a geopolitical struggle over rare earths, with tensions mounting.
In late 2023, China imposed bans on exporting technologies for rare earths processing, tightening its grip on the global supply chain. By mid-2024, reports were circulating that the country's State Council would introduce stricter regulations on domestic rare earths mining, smelting and trading, effective October 1, 2024. The rules would declare rare earth resources state-owned and require companies to maintain detailed records in a traceability system.
The US responded with tariffs on Chinese EVs and critical minerals, aiming to counter China's dominance while bolstering domestic production. These measures underscore escalating tensions, with both nations prioritizing strategic control over rare earths amid growing demand for green technologies and national security needs.
While each nation grapples for supply chain security, Jon Hykawy, president and director at Stormcrow Capital, told the Investing News Network (INN) that a more diplomatic approach is needed.
“There is a potential fork in the path regarding critical materials, more broadly, and rare earths, in particular, when it comes to overall trade strategy between western nations and China,” he said via email.
“By my calculations, if we maintain an integrated trade structure, then, together, we will probably be able to provide sufficient quantities of both NdPr and DyTb (dysprosium-terbium) to achieve our goals in both the automotive and clean energy sectors; NdPr is easy, DyTb is harder, but it can be done.”
However, if western nations decide they want to exclude China they will face shortfalls.
“If we decide to go our own way in the west, then we can likely deliver enough NdPr to do what we need to do. (But) we are unlikely to make enough DyTb to enable the intended use of all that NdPr," he noted.
Hykawy also took aim at governments not recognizing the increasing importance of DyTb.
“At present, there is some noise and support for ‘rare earths,’ but no one in government seems to understand that the critical materials out of the lanthanide elements is shifting from NdPr to DyTb. Without that realization, the steps that are being taken are not mitigating the correct risks,” he said.
Ex-China rare earths supply in the works
To combat China’s hold on the rare earths sector, the US is heavily investing in the space.
In April 2024, the US Department of Energy earmarked US$17.5 million for four rare earths and critical minerals and materials processing technologies using coal and coal by-products as feedstocks.
“The US has looked to support the development of a domestic rare earth supply chain by financing upstream development of rare earth mining from primary and secondary sources, along with recycling of rare earth containing products," David Merriman, research director at Project Blue, explained to INN.
“In addition, the US government has provided financing for rare earth processing facilities under development by existing rare earth producers to be located in the US, along with NdFeB (neodymium-iron-boron) magnet production facilities.”
To bolster domestic magnet production against Chinese competition, the US government plans to impose a 25 percent tariff on NdFeB magnet imports from China starting in 2026.
However, since most NdFeB magnets are already embedded in components imported by US manufacturers, the tariff is expected to affect only a small fraction of the country's overall NdFeB magnet consumption, Merriman said.
As the US looks to build out a domestic rare earths supply chain, China has sought to fortify its own.
“China has also taken action to reduce supply chain risk for rare earths, both at the sourcing of feedstocks and the downstream finished product stage,” he said. “China via state-owned companies has invested in several foreign rare earth operations to diversify the origin of rare earth feedstocks, particularly for heavy rare earth rich feeds.”
As Merriman pointed out, the diversification has been propelled by sourcing issues in 2024.
“The risk of China’s current feedstock sources has been highlighted in 2024 with disruption to feedstock supplies from Myanmar, which accounted for >40 percent of global mine supply of dysprosium and terbium,” he said.
In October, rare earths supply was interrupted when Myanmar’s Kachin Independence Army seized Panwa, a key rare earths mining hub, following the earlier capture of Chipwe.
The two towns in Kachin state, near China’s Yunnan province, are critical suppliers of rare earth oxides to China.
“Chinese imports of raw materials from Myanmar were 40,000 tonnes during the first nine months of 2024,” If that production drops out, there will be a big impact on (heavy) rare earth prices,” Thomas Kruemmer, founder of the Rare Earths Observer, told Fastmarkets.
Rare earths project pipeline facing fragility
Depressed prices through 2023 have weighed on explorers and developers as new projects are financially unviable.
“There are several projects which are at advanced stages of development, though few are able to compete on a cost basis with fully integrated and state-owned operators in China,” said Merriman.
“Financing, metallurgical test work and the development of a sizable terminal market outside of China for semi-refined rare earth products are all barriers to the development of several rare earth projects.”
Weak markets are often fertile ground for M&A and deals, and 2024 saw some notable ones.
In June, Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands project.
Since the agreement was penned, development activities at Donald have progressed, including work related to process plant engineering, auxiliary infrastructure, contract tendering and permitting and approvals.
In September, Defense Metals (TSXV:DEFN,OTCQB:DFMTF) signed a memorandum of understanding with the Saskatchewan Research Council (SRC) to support the development of a domestic rare earths supply chain.
Defense Metals and the SRC will explore collaborations on rare earth processing and supply, including using SRC’s proprietary separation technology for Defense Metals’ products. They aim to negotiate a long-term supply agreement as Defense Metals advances its Wicheeda rare earths project in BC, Canada.
As the year drew to a close, Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF) received a US$1.8 million payment from the US Department of Defense on December 13. The funding will support Ucore’s subsidiary, Innovation Metals, in demonstrating its RapidSX rare earths separation technology at a commercial demonstration facility in Kingston, Ontario.
What factors will affect rare earths in 2025?
In 2025, Merriman sees China’s continued rare earths dominance as a key driver for the sector.
“China maintains a strong influence over rare earth pricing, with most international prices for rare-earth trades being based in some way upon Chinese domestic pricing. China has long sought price stability for key rare earths, allowing downstream value add industries to benefit from reliable and often lower feedstock prices," he said.
“Maintained lower pricing in 2025 will likely help support demand growth for key earth products within the Chinese market, though the concentration of supply originating from China continues to make rest-of-world consumers nervous over becoming reliant on rare earths materials," Merriman also told INN.
For Hykawy, precarious supply outside of China and weak prices will be a focal point in 2025.
"Obviously, we’ve seen significant price drops for Nd, for example," he said.
"That helps the auto sector, but only by the slightest amount. Let’s say there is 2 kilograms of magnet in a main motor in an EV, and I’m likely overestimating. Only 27 percent of that is neodymium metal. The impact of the price change on 500 grams of rare earth is not moving the needle on an EV’s cost," Hykawy added.
He also expressed concern about the supply chain for heavy rare earths. “The bigger, long-term impact I am thinking about is, as Dy and Tb production becomes a bottleneck, how does the industry adjust to a world where the projects that can produce enough Dy and Tb are also making Nd and Pr as a by-product?” he posited.
"To meet the growing demand for heavy rare earths, do the major NdPr producers, like Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF), MP Materials (NYSE:MP) and the Bayan Obo mine, drop their NdPr output to maintain reasonable prices, or do they keep going and flood the market and drop their own prices to unsustainable levels," he questioned.
“For some time, NdPr have been the materials in demand. Soon, they might be valuable but overproduced commodities, with everyone scrambling to get the right amount of DyTb for their automotive or wind application.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Aclara Resources and Energy Fuels are clients of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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09 January
Australian Rare Earths Finalises AU$5 Million Federal Government Grant Agreement
Australian Rare Earths (ASX:AR3) has signed and finalised its AU$5 million grant agreement under the Australian government's International Partnerships in Critical Minerals (IPCM) program.
The funding will go toward the advancement of the company's Koppamura project in South Australia and Victoria.
“The grant validates the potential of the Koppamurra Rare Earths Project and its strategic importance in building diverse, resilient and sustainable supply chains through strong and secure international partnerships,” the company said.
Koppamura is said to host all four key rare elements, namely praseodymium, neodymium, terbium and dysprosium. Its JORC-compliant resource stands at 186 million tonnes at 712 parts per million total rare earth oxide.
With the funding in hand, the company will proceed to additional metallurgical testwork, as well as the completion of a prefeasibility study for the project. The money will also support the construction and operation of a demonstration plant to validate process design and significantly derisk the development pathway.
Australian Rare Earths said it will match the grant funding, bringing the planned expenditure to AU$ 10 million. A portion of the matched funding may also be eligible for the Australian Government Research and Development tax incentive refundable tax offset.
Australian Rare Earths had received an initial installment of AU$750,000 at the time of this writing. The remainder will be completed upon the company’s provision of progress reports, which will outline the advancement on agreed activities. Reports will be made by the company every six months, with the first due on July 30.
Completion of the activities is expected by December 31, 2026, while the grant agreement end date is June 9, 2027.
This past October, another ASX-listed rare earths company, Australian Strategic Materials (ASX:ASM,OTC Pink:ASMMF), also received a AU$5 million grant from the IPCM program. The amount was dedicated to developing the Dubbo rare earths project in New South Wales. Australian Strategic also matched the funding amount to increase expenditure.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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08 January
EVZ Secures Energy and Resources Sector Contracts Worth AU$28.5 Million
Australian engineering services company EVZ (ASX:EVZ) said on Tuesday (January 7) that it has been awarded two contracts in the energy and resources sector through its subsidiary Brockman Engineering.
The contracts are for the engineering and construction of the Hastings fuel terminal expansion, and for storage tanks for the Eneabba rare earths refinery project in Western Australia. In total they amount to AU$28.5 million.
“We are very pleased with the ongoing success of our businesses in the Energy & Resources sectors, as they expand their presence and grow their backlog for the upcoming periods,” said CEO Scott Farthing.
The Hastings fuel terminal expansion contract covers the engineering and construction of the project’s next stage for United Terminals, including adding two new bulk fuel storage tanks, civil groundworks and associated balance of plant works.
The other contract is for a package of five bulk storage tanks that will form part of the Eneabba rare earths refinery project. It will be completed in conjunction with Tank Industries, a water tank designer and manufacturer based in Australia.
Enneabba is set to be Australia’s first fully integrated rare earths refinery.
“Brockman and Tank Industries have worked very closely with our client Iluka Rare Earth and their EPCM company Fluor Australia to develop innovative process storage solutions for the plant that meet their specific technical requirements,” EVZ said.
EVZ will now design and fabricate the tanks for Hastings, with mobilisation to the site scheduled in the first quarter of 2025. Completion is anticipated in the third quarter of 2026. Meanwhile, mobilisation for the Enneabba rare earths refinery is scheduled for the third quarter of 2025, with completion expected in the first half of 2026.
“These project successes place our businesses amongst the top innovative providers in their industry and provide a firm base from which to grow revenues and profits as our market sector-focused strategic plan evolves,” Farthing said.
EVZ said both projects will contribute to its revenue and earnings in its 2025 and 2025 fiscal years.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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23 December 2024
Rare Earths Stocks: 5 Biggest ASX Companies in 2024
Prices and demand for rare earths have taken a hit in recent years. However, the long-term outlook for these important materials remains positive.
Rare earth elements (REEs) are key metals for high-tech applications, including permanent magnets, which have widespread potential, especially in the technology and electric vehicle sectors.
With future demand looking strong, countries around the world are keen to secure rare earths from sources outside of China — which is good news for rare earths companies in Australia. Indeed, looking at the next couple of decades, the International Energy Agency notes that rare earths demand could double by 2040.
For investors interested in getting a foot in the market, below is a list of the largest ASX rare earths stocks by market cap. Data for this stocks list was collected using TradingView's stock screener on December 17, 2024.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$6.29 billion
Share price: AU$6.64
Lynas Rare Earths is Australia's largest rare earths miner, as well as the only significant rare earth materials producer in the world outside of China. Focused on integrated delivery, Lynas is a miner and supplier of high-grade rare earths. According to the company, its Mount Weld asset in Western Australia is one of the highest-grade rare earths mines in the world.
In June, the company announced that its Lynas Malaysia facility is on track to commence first production of two separated heavy rare earths products, dysprosium and terbium, in 2025.
Lynas Rare Earth's AU$800 million Kalgoorlie rare earths processing facility officially opened in Western Australia in November.
During the fourth quarter of 2024, Lynas reported neodymium and praseodymium (NdPr) production of 1,504 tonnes. Its total rare earth oxide production reached 2,188 tonnes during the same period.
2. Iluka Resources (ASX:ILU)
Market cap: AU$2.16 billion
Share price: AU$5.09
Iluka Resources has decades of experience in the mining industry, mostly in the production of zircon and high-grade titanium dioxide-derived rutile and synthetic rutile. However, in recent years, it has developed a rare earths portfolio.
At its Eneabba operation in Western Australia, Iluka has a strategic monazite-rich mineral stockpile that it plans to process. The company is currently working on a feasibility study for a fully integrated rare earths refinery at Eneabba, which would produce separated rare earth oxides from its own feedstock and potentially from third-party feedstock as well. Construction will start once earthworks have been completed, with first production at the refinery expected in 2025.
Iluka’s Wimmera project in Victoria, Australia, also has the potential to be a long-term supplier of zircon and rare earths. Iluka is currently working towards a definitive feasibility study for the project.
3. Brazilian Rare Earths (ASX:BRE)
Market cap: AU$520.2 million
Share price: AU$2.20
Brazilian Rare Earths is advancing its district-scale Rocha da Rocha rare earth province in the state of Bahia, Brazil.
The company's 1,410 square kilometres of mining claims are highly prospective for both heavy and light rare earths, with grades of over 40 percent total rare earth oxides (TREO) found. The company’s exploration campaigns have identified three styles of rare earths mineralisation across the project area, including source rock for high-grade niobium and scandium, shallow high-grade monazite sand and ionic clay rare earths mineralisation.
Brazilian Rare Earths’ current resource estimate for Rocha da Rocha stands at 510 million tonnes at 1,513 parts per million TREO. This includes the high-grade Monte Alto project with a monazite sand rare earths resource of 25.2 million tonnes at 1 percent TREO; it has a higher-grade shallow, free-dig resource core of 4.1 million tonnes at 3.2 percent TREO. The company is working toward completing an updated resource estimate for the district.
In December, Brazilian Rare Earths announced it had received approval for the final exploration report for the Monte Alto exploration licence, a significant milestone in securing a mining permit for the project. The company is preparing an economic development plan that will be underpinned by the project's scoping study, which management expects to complete in Q2 2025.
4. Arafura Rare Earths (ASX:ARU)
Market cap: AU$271.09 million
Share price: AU$0.11
Arafura Rare Earths is advancing its Nolans NdPr project in Australia's Northern Territory, and is currently in the midst of construction. Arafura has plans for Nolans to be a vertically integrated NdPr operation with processing facilities on site. According to the company, the Nolans project will supply around 4 percent of global NdPr oxide demand once complete, with an annual production capacity of 4,400 tonnes of NdPr concentrate.
The company has signed several offtake agreements, including one with Siemens Gamesa Renewable Energy that commences in 2026. The deal guarantees a five year contract under which Arafura will supply Siemens Gamesa with NdPr from Nolans. The supply deal will kick off at 200 tonnes for the first year, before increasing over time as the project reaches nameplate production.
According to Arafura's quarterly report for the period ended September 2024, the Nolans project is shovel ready, with construction set to commence once funding is secured. A final investment decision is expected to be made in the first half of 2025.
5. Northern Minerals (ASX:NTU)
Market cap: AU$165.97 million
Share price: AU$0.02
Northern Minerals is focused on developing its Browns Range dysprosium-terbium project in Western Australia and bringing the project's Wolverine deposit into production.
The company has a long-term rare earths concentrate supply agreement with Iluka Resources for all concentrate produced from Browns Range until 30,500 tonnes of contained rare earth oxides have been delivered.
Northern Minerals is developing Browns Range through a three stage system, and the project has been producing heavy rare earth carbonate since 2018. The company is now working on a definitive feasibility study for a commercial-scale mining operation and beneficiation plant at Browns Range that will respectively extract and process ore from Wolverine.
Northern Minerals is on track to complete a definitive feasibility study in Q3 2025, and is targeting first production in Q4 2027.
FAQs for ASX rare earths stocks
What are rare earths?
Rare earths are a category of elements that share many chemical properties. In fact, all but two — yttrium and scandium — are also called lanthanides. These elements are commonly found in the same deposits and are necessary for diverse technological applications such as rare earth magnets.
In total there are 17 rare earth elements, and they are split into light and heavy rare earths, with each segment being grouped together on the periodic table. On the light side, there are cerium, lanthanum, praseodymium, neodymium, promethium, europium, gadolinium and samarium, and on the heavy side there are dysprosium, yttrium, terbium, holmium, erbium, thulium, ytterbium, yttrium and lutetium.
Which countries have the most rare earths?
In terms of both rare earths reserves and rare earths production, China is the frontrunner by a long shot, with 44 million tonnes of reserves and 240,000 tonnes of production in 2023. However, Vietnam, Brazil and Russia all have reserves above 10 million tonnes. With regards to production, the US is in second place at 43,000 tonnes due to the Mountain Pass mine in California, and Myanmar is in third place with 38,000 tonnes.
What makes rare earths rare?
Rare earths are actually relatively abundant in the Earth's crust, contrary to what their name suggests. However, they're quite dispersed instead of being found concentrated in specific areas, which means locating economic deposits to mine is difficult.
As China controls much of global rare earths production, many countries have deemed them critical minerals and are prioritizing supply chain security.
This is an updated version of an article originally published by the Investing News Network in 2018.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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20 December 2024
Wyoming Rare USA Secures Strategic Facility to Support Halleck Creek Project
American Rare Earths Limited (ARR) (ASX: ARR | OTCQX: ARRNF, AMRRY) is pleased to announce that its wholly owned subsidiary, Wyoming Rare (USA) Inc., has secured a facility at the Western Research Institute in Laramie, Wyoming. This significant development marks a key step forward in the company’s efforts to progress the Halleck Creek Rare Earths Project and enhance its operational capabilities in the region.
This follows the recent award of a USD $7.1 million grant from the State of Wyoming to support the advancement of the company’s rare earth processing initiatives. The facility, situated in a strategic location, will serve as a hub for exploration, processing, and future development activities, enabling the company to align its efforts with state-backed initiatives to bolster critical mineral development.
Key Features of the Facility and Partnership:
- Centralised Operations: The facility will house all drill core and assay samples collected to date, providing a central location for streamlined operations.
- Future Pilot Plant Site: The space will accommodate the construction of a pilot plant, advancing the development and testing of processing capabilities for the project.
- Collaboration: This partnership lays the groundwork for further synergies, leveraging the Western Research Institute’s expertise.
The Western Research Institute, located in Laramie, Wyoming, is a multi-million dollar, not-for-profit, research organisation renowned for work in advanced energy systems, environmental technologies and materials research and technologies. Their Headquarters and Advanced Technology Centre includes laboratories, pilot facilities and room for new development.
“This is an exciting milestone for the company and our progression of the Cowboy State Mine at Halleck Creek,” said Joe Evers, President of Wyoming Rare (USA) Inc. “The support of the State of Wyoming and our collaboration with the Western Research Institute highlights Wyoming’s commitment to becoming a leader in critical minerals development. This facility helps to advance our mission of onshoring critical mineral supply chains for the USA while highlighting Wyoming’s position a leader in critical minerals and rare earth elements.”
Click here for the full ASX Release
This article includes content from American Rare Earths Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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19 December 2024
Victory Metals Signs Rare Earths Offtake MOU for North Stanmore with Sumitomo
Victory Metals (ASX:VTM) said Tuesday (December 17) that it has signed a strategic non-binding memorandum of understanding (MOU) with Sumitomo (TSE:8053), a leading integrated trading and investment enterprise.
The MOU establishes a potential long-term mixed rare earth carbonate offtake partnership between the two companies. It will have an initial five year offtake term with a possible five year extension.
According to Victory Metals, its target is to provide Sumitomo with 30 percent of the annual mixed rare earth carbonate production from the North Stanmore heavy rare earth elements (HREE) project.
"We are extremely pleased to be partnering with Sumitomo Corporation, a globally recognised powerhouse with extensive industry expertise and a proven track record of securing critical mineral supplies,” said CEO and Executive Director Brendan Clark. “This agreement reflects the strategic value of the North Stanmore Project and confirms the global significance of our unique heavy rare earth element composition within the North Stanmore clay deposit."
North Stanmore is located approximately six kilometres from Cue, Western Australia, and holds six tenements.
A resource estimate published in July shows that the project holds 235 million tonnes, with 63 percent in the indicated category. Victory Metals said this represents Australia's largest indicated resource for HREE-dominant deposits.
The company will discuss pricing with Sumitomo during negotiations for a binding term sheet, which they aim to enter by October 31, 2025. Other material terms will be discussed at that time as well.
“We plan to utilize our global network to sell the rare earths produced by Victory. We look forward to future partnerships,” Sumitomo commented in Tuesday's press release.
“Sumitomo’s financial strength, global logistics expertise and commitment to sustainable growth make it the ideal long-term partner for Victory Metals as we continue to progress (North Stanmore) towards development," Clark added.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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