Ngualla Rare Earth Project
The Ngualla Rare Earth Project in Tanzania is a recent discovery and is one of the highest grade of the large undeveloped rare earth deposits. The Company announced the maiden Mineral Resource for Ngualla on 29th February 2012, which ranked it as the fifth largest rare earth deposit in the western world. Fundamental geological aspects offer distinct advantages for development over other rare earth projects. These include the large size of the deposit, outcropping, high grade mineralisation amenable to open cut mining with low strip ratios, favourable mineralogy amenable to a relatively simple, low cost processing route and extremely low uranium and thorium levels.
As well as being high grade, Ngualla's rare earth mineralisation has a high proportion of the important Magnet Metals, neodymium and praeseodymium, a significant advantage over other rare earth deposits.
Located in southern Tanzania 147 kilometres from the city of Mbeya on the edge of the East African Rift Valley, Peak’s Ngualla Project is centred on the Ngualla Carbonatite. The name 'Ngualla' comes from the Swahili word for 'bald head', which reflects the appearance of the hill, - mostly bare land in which there is no habitation, agriculture and very little wild life.
Ngualla is also host to widespread, high grade niobium-tantalum and phosphate mineralisation in the Northern Zone. This extensive mineralised zone is at an early stage of evaluation and offers potential upside opportunities for additional commodities from the project.
Tanzania is politically stable and has an established mining culture with government incentives and guarantees. It is the fourth large gold producer in Africa. Existing transport infrastructure together with a low tonnage high value product will enable cost effective transport from Ngualla to the deep water pot in Dar es Salaam.
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