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Noble Group: Mkango Enters Into Agreement With Talaxis To Fund Development Of The Songwe Hill Rare Earths Project In Malawi & Commercialisation Of New Magnet Technologies.
20 Nov 2017 10:40Talaxis has agreed to fully fund a bankable feasibility study for Mkango's Songwe Hill Rare Earths Project in return for a 49% interest in the Project. Talaxis will invest £12 million (C$20 million) in the Project for the BFS in three tranches, with the first tranche of £2 million (C$3.3 million) invested on receipt of regulatory approval. Talaxis will also have the option to acquire a further 26% interest in the Project by arranging funding for Project development. Talaxis may also acquire up to a 49% interest in a new venture to be established by Mkango focused on neodymium alloy powders, magnet and other technologies, including Mkango's collaboration with Metalysis, by investing £2 million (C$3.3 million) in two tranches. Upon completion of the above investments, Mkango will retain a 25% interest in Songwe, free carried to production, and a 51% in interest in the new venture. Talaxis and Mkango have agreed to cooperate as preferred partners on rare earths projects worldwide and on other projects in Malawi...
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Source: ShareInvestor Express
