off-the-wire

China’s Shenghe Resources to buy Australia’s Peak Rare Earths for $97M

Kitco Media
By Reuters
Published:
Updated:
Reuters
China’s Shenghe Resources to buy Australia’s Peak Rare Earths for $97M teaser image

Peak Rare Earths said on Thursday that China’s Shenghe Resources will acquire the Australian firm for A$150.5 million ($96.62 million), in addition to the full amount raised under Peak’s proposed A$7.5 million entitlement offer.

Peak Rare Earths is currently developing the Ngualla project in Tanzania, host to one of the largest, highest-grade and lowest-cost neodymium praseodymium (NdPr) deposits in the world.

($1 = 1.5576 Australian dollars)

(By Nichiket Sunil; Editing by Sherry Jacob-Phillips)

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