Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Lindian Resources reveals "defining moment" in REE industry with new exploration target in Malawi

Published 05/10/2023, 12:45 pm
Updated 05/10/2023, 01:30 pm
© Reuters.  Lindian Resources reveals "defining moment" in REE industry with new exploration target in Malawi
LYC
-

Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has delivered a substantial mineral resource estimate and a new exploration target for its Kangankunde Rare Earths Project, marking a pivotal moment not only for the company but for the rare earth industry and Malawi itself.

In a recent interview with Proactive, Lindian CEO Alistair Stephens emphasised the importance of the new finding.

"That was a really important statement onto the market on the rare earth industry. We now say is an exploration target of somewhere between 400 to 800 million tonnes at 2 to 2.7%. That makes this the largest in the world."

Stephens also spoke of the long-term benefits for Malawi, describing "centuries of opportunity" for the country and the industry.

Regulatory requirements met

On the production side, Stephens confirmed that all regulatory requirements have been met: "We have a mining licence, we have an environmental certificate for production."

He also mentioned that they are in the construction phase and are aiming to start production next year.

In terms of potential offtakers, Stephens revealed, "We have 40% of offtake, which is up to 45,000 tonnes with General Group. Demand is there."

Forward plan

Asked about the next steps, Stephens explained, "It's about the Mineral Resource Assessment (MRA) de-risking the project and provides opportunity for an operating environment. There's much more work that we've done here."

He outlined a lengthy roadmap, mentioning drilling programs extending to 2050 and beyond, aimed at converting the exploration target into a mineral resource.

Looking ahead, Stephens indicated that the next milestones include the completion of the phase three infill drilling program and a feasibility study in the first quarter of next year.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.