The Chinese group Shenghe Resources is preparing to take total control of Peak Rare Earths, an Australian company that owns the Ngualla rare earth project, located in Tanzania. This operation, valued at nearly 97 million dollars, aims to secure a major deposit capable of producing 37,200 tons of concentrate annually over more than twenty years

Shenghe Resources has signed a merger-acquisition agreement to take control of Peak Rare Earths, the Australian owner of the Ngualla rare earth project in Tanzania. The transaction, valued at 150.5 million Australian dollars ($96.6 million), must be done through an Australian business takeover procedure

Already a 19.86% shareholder in Peak, Shenghe also has a pre-emption right over Ngualla's production. The latter is one of the most advanced in Africa, with an announced capacity of 37,200 tons of rare earth concentrate per year, over more than 20 years.