Peak Rare Earths signed an agreement for the Ngualla Rare Earth Project

Peak Rare Earths Limited (ASX: PEK) has entered into a binding Framework Agreement for the Ngualla Rare Earth Project with the Government of the United Republic of Tanzania. The Framework Agreement sets out for the development, licensing, economic benefit sharing, and a joint venture between the Government of Tanzania and Peak. The agreement follows the joint establishment of the following companies by Peak and the Government of Tanzania:

Mamba Refinery Corporation Limited will own and operate any future Tanzanian refining and downstream operations; Mamba Minerals Corporation Limited will own and operate the Ngualla Project. Both entities are owned 16% by the Government of Tanzania and 84% by Peak. It will create around 1,000 indirect jobs and 220 direct jobs during operation, 600 direct jobs, and 300 indirect jobs during construction.

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