Recently, Shenghe Resources announced that the Ngualla Rare Earth Mine Project (Ngualla), a joint-stock company of Peak RareEarths Limited (Peak Company), has obtained a special mining license granted by the Tanzanian government.
The initial mining area of the special mining license is about 18.14km2, and the term is 30 years. According to the framework agreement signed between Peak Company and the Tanzanian government, the area of the special mining license will be expanded in the future, and the term will also be revised to 33 years or the shorter of the mine life, and can also be extended in accordance with legal regulations.
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