China’s Shenghe Resources to buy Australia’s Peak Rare Earths for $97M

Ngualla is one of the world’s largest and highest grade neodymium and praseodymium (NdPr) rare earth deposits. (Image courtesy of Peak Rare Earths )
Peak Rare Earths said on Thursday that China’s Shenghe Resources will acquire the Australian firm for A$150.5 million ($96.62 million), in addition to the full amount raised under Peak’s proposed A$7.5 million entitlement offer.
Peak Rare Earths is currently developing the Ngualla project in Tanzania, host to one of the largest, highest-grade and lowest-cost neodymium praseodymium (NdPr) deposits in the world.
($1 = 1.5576 Australian dollars)
(By Nichiket Sunil; Editing by Sherry Jacob-Phillips)
{{ commodity.name }}
{{ post.title }}
{{ post.date }}
Comments