PERTH, Australia, Feb. 3, 2015 /CNW/ - Peak Resources Limited ("Peak" or "the Company"; ASX Code: PEK) is pleased to announce signing of formal agreements related to its previously announced funding transactions with Appian and IFC for ~A$29.5 million, which is expected to fully fund Peak's Bankable Feasibility Study ("BFS") for the Ngualla Rare Earth Project.
HIGHLIGHTS
- Investment to fund Peak and the world class Ngualla Rare Earth project through BFS
- Total investment of ~A$29.5 million from Jersey-based Appian Natural Resources Fund ("Appian") and International Finance Corporation ("IFC") on a 80:20 pro rata split
Michael W Scherb, Appian's founder said, "Appian is delighted to be a long term and collaborative partner as the Company advances development of the Ngualla Project. After our extensive Due Diligence process we have been very impressed with the Peak management team, Board and the Project. We have carried out extensive benchmarking exercises and we rate Ngualla as one of the world's best undeveloped rare earth projects with strong alignment to the high growth magnet metals market and which we believe will emerge as one of the lowest cost and most competitive rare earth projects globally."
Darren Townsend, Peak's Managing Director said, "We are extremely pleased to have completed the formal documentation stage of the transaction. This is a significant step towards financially derisking the Ngualla Rare Earth Project as we move to the next stage of development and will enable us to maintain strong momentum following the considerable technical progress we have made.."
Quelle: peakresources.com.au
Quelle: peakresources.com.au
Quelle: peakresources.com.au
Quelle: peakresources.com.au
Quelle: peakresources.com.au
Quelle: asx.com.au
Quelle: asx.com.au
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