- Peak Resources (PEK) has released a wide-ranging market update, which revealed it will pursue a number of opportunities
- The company has flagged plans to create another business for its Ngualla Rare Earth Project, following a successful mining conference
- This new company would hold the interests of both PEK and the Tanzanian Government if a special mining licence for the project was granted
- Additionally, the company intends to exercise its option to buy a parcel of land near Teesport, in the U.K.
- It comes after the British Government granted Teesport free-port status, meaning projects near the site would advance rapidly
- Peak intends to build a rare earth refinery near Teesport, and, if it pushes ahead, the land will cost £1.8 million (roughly A$3.2 million)
- Shares in Peak Resources are trading up 6.06 per cent at 10.5 cents
Peak Resources (PEK) has released a wide-ranging market update, revealing it will pursue creating a new company and exercising a land option.
New company
The company flagged plans to create a separate business, following a successful experience at the International Mineral and Mining Investment Conference.
The Vice-President of the United Republic of Tanzania used the occasion to signal that the country was planning to advance the approval of several mines.
As a result, the materials stock stated today that it would commence “the process of establishing a new Tanzanian incorporated company” related to its Ngualla Rare Earth Project.
New company would hold Peak’s and the Tanzania Government’s interest in Ngualla, should a special mining licence be granted as the VP indicated.
New port
Along with the advancements in Tanzania, Peak also used today’s market update to reveal it was considering a purchase of land near Teesport in the U.K.
The decision comes after the British Government granted Teesside’s port free-port status, which essentially allows projects in and around the port to be advanced rapidly.
PEK holds an option over a 19-hectare parcel of land located within the Teesport area, where it wants to build a rare earth refinery.
Buying the land will set the company back £1.8 million (roughly A$3.2 million), and Peak only has until June to make a decision on the option.
The materials stock said it’s currently holding talks with the various parties involved as it looks to potentially exercise the land option and take advantage of the free-port status.
Following today’s update, shares in Peak Resources have ended Friday’s session trading up 6.06 per cent at 10.5 cents per share.