- Peak Rare Earths (PEK) registers and incorporates two entities with the Tanzanian Business Registrations and Licensing Agency
- During a meeting with the agency on February 20, the parties registered Mamba Minerals Corporation (MML) and Mamba Refinery Corporation (MRL), with both entities to be 84-per-cent owned by Peak through its subsidiaries
- As part of the framework agreement, MML will hold a special mining licence to own and operate the Ngualla rare earth project, pending final approval from the Government of Tanzania
- Meanwhile, MRL will own and operate any future Tanzanian refining and downstream operations
- Shares in Peak Rare Earths are up 5 per cent to 63 cents at 10:52 am AEDT
Peak Rare Earths (PEK) has registered and incorporated two entities with the Tanzanian Business Registrations and Licensing Agency (BRELA).
Upon the request of the Special Presidential Government Negotiation Team (SPGNT), Peak attended a meeting with BRELA in Dar es Salaam on February 20.
During the meeting, the parties registered Mamba Minerals Corporation (MML) and Mamba Refinery Corporation (MRL).
Both entities are 84 per cent owned by Peak via its wholly-owned subsidiaries, with the remaining 16 per cent held by the Government of Tanzania via the Treasury Register.
“Mamba” is the Swahili name for crocodile, and the project will lie around 80 kilometres from Lake Rukwa — the third largest inland lake in Tanzania and home to an extensive population of crocodiles.
As part of the framework agreement signed with SPGNT, MML will hold a special mining licence to own and operate the Ngualla rare earth project upon its formal grant, pending final approval from the Government of Tanzania.
MRL will then own and operate any future Tanzanian refining and downstream operations.
Peak said it expected to sign a framework agreement during this quarter.
Shares in Peak Rare Earths were up 5 per cent to 63 cents at 10:52 am AEDT.