https://www.miningweekly.com
Cummins|Exploration|Export|flotation|PROJECT|Refinery|Roads|Products|Operations
Cummins|Exploration|Export|flotation|PROJECT|Refinery|Roads|Products|Operations
cummins|exploration|export|flotation|project|refinery|roads|products|operations

RareX raises exploration funds

5th May 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Junior RareX has announced a A$4-million share placement to accelerate resource definition and development studies at its Cummins Range phosphate rare earths project, in Western Australia.

The ASX-listed company has received firm commitments from institutional, sophisticated and professional investors for the placement of 88.9-million shares, priced at 64.5c each. The placement will include one free attaching option for every two shares subscribed for, exercisable at 6.75c a share and with a 24-month expiry date.

“The great demand from both offshore and domestic institutions for this equity raising is a strong endorsement of our corporate strategy and testament to the quality of the underpinning resource and the Cummins Range project more broadly,” said RareX CEO James Durrant.

“We are looking forwards to progressing rapidly with the plan to define the project in its three stages and accelerate the direct shipping ore (DSO) Stage 1 towards approvals and operations as fast as possible. I want to thank the new and existing shareholders for their trust in our team to deliver for them and we welcome the well-qualified institutions that have joined the register.”

An updated scoping study on the economics of the three-phased project is expected in the June quarter of this year.

The initial scoping study, released last year, estimated that the project would require a capital investment of A$430-million, and could produce 8 900 t/y of mixed rare earths carbonate, 128 800 t/y of phosphate concentrate and 13 500 t/y of phosphoric acid.

The study estimated that the project would have a pre-tax net present value of A$633-million and an internal rate of return of 29%, with life-of-mine earnings before interest, taxes, depreciation and amortisation estimated at A$1.9-billion.

The Cummins Range project would include a mine and flotation beneficiation facility at site producing a rare earth minerals concentrate and a phosphate mineral concentrate which is trucked along mainly sealed roads to Wyndham port. At Wyndham port, a hydroelectric-powered rare earth refinery facility is envisaged which produces a mixed rare earth carbonate product for export with a by-product of merchant grade phosphoric acid.

Additional to these products is the phosphate mineral concentrate which itself contains elevated rare earth grades.

Edited by Creamer Media Reporter

Comments

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.101 0.136s - 109pq - 2rq
Subscribe Now