- Peak Resources (PEK) hasn’t yet reached an economic framework agreement regarding the development of the Ngualla rare earths project in Tanzania
- The company and its Tanzanian subsidiary attended a mining contract signing ceremony yesterday which was hosted by Tanzania’s Ministry of Minerals
- According to the Tanzanian President, Her Excellency Samia Suluhu Hassan, one company chose not to sign but she authorised the Ministry of Minerals to finalise the deal
- The permanent secretary for the Ministry of Minerals stated that PR NG and the Tanzanian government are preparing documents
- Company shares have ended the day up 4.27 per cent to trade at 85.5 cents
Despite not signing an economic framework agreement, Peak Resources (PEK) said it has made significant progress in negotiations with the government of Tanzania.
The company attended a mining contract signing ceremony yesterday in Dar es Salaam which was hosted by the government of Tanzania’s Ministry of Minerals.
Whilst the ceremony didn’t result in an economic framework agreement, Peak and its Tanzanian subsidiary, PR NG Minerals, said significant progress was made for the development of the Ngualla rare earths project.
President of Tanzania, Her Excellency Samia Suluhu Hassan commented on the decision.
“There is one company that was to sign today but they did not agree to the in-country value addition and refining point, hence the delay in signing,” she said.
“However, because there have been previous discussions and agreements on this and the timetable was already in place, I authorise the Ministry of Minerals to finalise and sign so that the project can start as soon as possible.”
The permanent secretary for the Ministry of Minerals stated that PR NG and the Tanzanian government are preparing documents.
Peak said it will update the market upon the finalisation of documentation and the signing of the economic framework agreement.
Company shares were up 4.27 per cent to trade at 85.5 cents at market close.