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."
$LIN Lindian Resources defines “globally significant” exploration target at Kangankunde Rare Earths Project https://t.co/0IKRz7evte @asxlindian $LINIF #LIN #LINIF #ASX #ASXNews— Proactive Australia (@proactive_au) October 5, 2023
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.