Peak Resources Limited is developing the Ngualla Magnet Metal Rare Earth Project in Tanzania in partnership with strategic investors Appian Capital Advisory and IFC (International Finance Corporation). Peak is set to become a low cost producer of magnet metal rare earths for the expanding green technology sector. Favourable mineralogy enables a simple, low risk and low cost processing route which, together with high grades and extremely low uranium and thorium levels, distinguishes Ngualla from other rare earth projects.
Peak’s strategy for growth is to develop Ngualla into production rapidly via lower capital costs and establish the Company as a lower cost quartile, long term producer of clean, high purity rare earth products.
The company seeks to exploit the high demand for rare earth elements, which are of critical importance to all developed economies and are in high demand for the production of components used in advanced electronics, hybrid and electric cars, wind turbines, advanced weaponry systems, and in consumer products such as tablet computers and smart-phones. They are also key components in many industrial processes.
The main market drivers for Peak Resources Limited growth are an increased use of rare earth elements in the manufacturing of high-performance alloys; higher demand for permanent magnets used in hybrid vehicles, wind power generation, electronics and expanding markets for advanced digital displays.
The initial target commodity that attracted Peak Resources to Ngualla was phosphate. Phosphate mineralisation along with significant niobium and tantalum may provide additional pipelines of development within the Ngualla Project. Importantly these minerals occur to the north of the rare earth deposit and can be exploited independently. The company’s strategy is to develop these minerals as a secondary priority to the rare earths.
Peak Resources exploration focus is clearly in eastern Africa and Tanzania in particular as the Company moves to the next stage of development with the Ngualla Project and expands its exploration portfolio and operations.