Lindian Resources Limited (ASX: LIN), an Australian miner, has received commitments for a private placement of AU$8.5 million from two new investors. One investor will invest AU$7.5 million and the other AU$1 million. Additionally, Lindian's executive chairman has made an AU$500,000 investment commitment on the same terms and conditions. The funds will be used to acquire key equipment and long-lead items for the stage one concentrate processing plant at the Kangankunde Rare Earths Project in Malawi, as well as for working capital.
Lindian has received significant interest from rare earths industry participants interested in funding the project's development and securing off-take, with parties undertaking site visits. The company is progressing plans for a stage one rare earths concentrate processing facility at Kangankunde, which is fully permitted. The placement will allow the company to fast-track its securing of key equipment and long-lead time items, which underpin its plan of having stage one operational by 2024.
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