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West Australian
a day ago
- Business
- West Australian
Lindian puts the pedal down to develop Malawi rare earths project
Lindian Resources has made significant strides towards opening its flagship Kangankunde rare earths mine in Malawi. The company says it is running ahead of schedule, as it looks to swiftly bring the low-cost critical minerals project into production. Haul roads and a solar farm for the project are now underway and Lindian has filled five key positions to progress the site into its next development phase. The mammoth Kangankunde project is progressing at an accelerated pace, despite continuing rare earths price weakness. Fortunately for the development, the project's low-cost operations should make it profitable independent of price. The company says its main access road has been completed ahead of schedule and the haul roads for pit one and pit two are under construction. The process plant area has been fully cleared, with rebar foundations laid and the first major concrete poured. A custom solar farm to reduce diesel dependency is advancing, with foundations set and completion targeted in under a month. Concurrently, a site security compound with fencing and access controls is nearly finished to ensure robust operational security. Lindian still needs to sign some key contracts, including for design and construction, mining and power infrastructure. It has shortlisted three preferred tenderers for each. The company has also hired a seasoned site leadership team, under construction manager Daniel Britz. It includes a senior process engineer to optimise the gravity-magnetic flowsheet, a construction superintendent, a project planner and a QA/QC superintendent. The company says the appointees bring extensive expertise in African mining projects. The Kangankunde deposit has a world-class 261-million-tonne resource, going 2.19 per cent total rare earth oxide (TREO) and an ore reserve of 23Mt. The reserve grade comes in at an impressive 2.9 per cent TREO. Importantly, almost 20 per cent of that comprises the more lucrative magnet rare earths, neodymium and praseodymium. Kangankunde's economic fundamentals are compelling. With a minimal US$40 million (A$61.52M) pre-production capex and operating costs of just US$2.92 per kilogram TREO, it is placed in the lowest cost quartile globally. The project's 55 per cent TREO monazite concentrate meets stringent Western market requirements. The company says it still has a slew of financing proposals from which to choose, including from leading African and European commercial and investment banks, to fund construction. A US$50 million offtake and funding term sheet with Gerald Group and a US$30M loan from Ecobank Malawi are advancing towards a final investment decision. With a low-risk flowsheet, strong ESG alignment through sustainable power and local employment, Lindian looks well-positioned to establish Kangankunde as a cornerstone rare earths supplier for the oncoming electrification revolution. Is your ASX-listed company doing something interesting? Contact:
West Australian
14-05-2025
- Business
- West Australian
Big players line up to fund Lindian rare earths mine
Rare earths developer Lindian Resources is juggling a slew of financing proposals from leading African and European commercial and investment banks to fund construction of its world-class Kangankunde hard rock rare earths project in Malawi. The company says it is riding a wave of financial momentum, with multiple funding proposals to bankroll Kangankunde's Stage 1 development. One standout non-binding proposal involves a US$30 million loan from Ecobank Malawi and another proposal involves a US$30M – US$40M secured debt/equity bond from a leading European investment bank. Another US$50M proposal from Gerald group dates back to last December and the company also has a number of offtake prepayment proposals from numerous commodity traders. The latest offer from Malawi's Ecobank includes a five-year pledge to act as mandated lead financier, with other commercial banks apparently circling for a syndicated deal. The support of Ecobank underscores Malawi's rising status as a growing mining jurisdiction for global investment and critical minerals supply. A leading European investment bank has tossed its hat in the ring with a Nordic-style bond, targeting a 60:40 debt-to-equity split for up to US$40M over five-years. Lindian says the bond is tailor made for upstream projects like Kangankunde, promising flexibility for construction costs. The company's existing US$50M non-binding term sheet with Gerald Group, to lock up the remaining 60 per cent of monazite product for a full offtake right to Stage 1, remains a solid contender too. Lindian's board will now sift through all of the proposals with a view to locking one in for its final investment decision. An optimised feasibility study for Kangankunde is also nearing completion and is set to wrap up in late June and will look to build on last year's blockbuster numbers. The project shows around 23.7-million-tonnes in reserve grading a weighty 2.9 per cent total rare earth oxides (TREO), placing it in rarified air on the global rare earths stage. Stage 1 is set to churn out 15,300t of premium 55 per cent TREO monazite concentrate annually for a massive 45 years, pegging a post-tax net present value at Kangankunde of some US$555 million, despite seriously depressed rare earths prices since 2023 that many believe will eventually move skywards. At a lean US$40 million pre-production capex and a miniscule US$2.92/kg TREO operating cost, the project is expected to pay for itself in under two years according to Lindian. Management says the preconstruction works are now in full swing on the ground in Malawi including the company's 5km access road that is expected to be delivered ahead of schedule and under budget. That road will allow construction crews to tackle run-of-mine (ROM) pad earthworks, storage facilities and security yards, shaving precious time and costs off the schedule. With 40 per cent of Stage 1 production already locked in under binding offtake terms with Gerald Group, production is slated for mid-2026, with the bidding process heating up for the remaining 60 per cent. Management also notes that joint venture discussions in the US and CIS countries are gaining traction, aligning with Presidential executive orders and Western efforts to diversify critical mineral supply chains. With a treasure trove of financing options, construction milestones and a low-cost foothold in the global rare earths market, Lindian is charging towards becoming a global rare earths supplier in 2026. Kangankunde's sky-high grade and dirt-cheap costs make it a first-class alternative to Chinese rare earths production as the West clamours for strategic rare earths alternative suppliers . Is your ASX-listed company doing something interesting? Contact:
Yahoo
11-04-2025
- Business
- Yahoo
Lindian Resources begins site works at rare earths project in Malawi
Australia-based company Lindian Resources has commenced early-stage site works at the Kangankunde rare earths project in Malawi. Kangankunde is considered one of the world's 'most significant' undeveloped rare earth assets. The initiation of civil and infrastructure development follows the start of construction on a new 5km access road in February 2025. The works are part of a broader strategy to accelerate stage one construction and reduce project risks. The company has reported substantial progress with pre-construction earthworks, completion of plant processing areas, equipment laydown and management site offices. The access road is significantly ahead of schedule, with completion anticipated in the second quarter of 2025. This has allowed the company to repurpose equipment and skilled workers from the road crews, resulting in considerable time and cost savings. Lindian Resources has emphasised the importance of local workforce involvement, with more than 70% of site-based roles filled by local workers. The company's management team is prioritising environmental stewardship and sustainable development practices including adopting environmental management standards and partnering with local businesses to uplift the socio-economic conditions of surrounding communities. Lindian Resources project delivery chair Zac Komur said: 'The initiation of these projects showcases Lindian's dedication to progressing Kangankunde with both urgency and a fresh perspective. By assembling a seasoned construction team and collaborating with skilled contractors to optimise initial infrastructure development, we are establishing a strong groundwork for effective project execution. 'Through collaboration, best practice efficiencies and on-site management the current road works are ahead of schedule, allowing for the company to utilise equipment and skilled personnel, delivering pre-development time and significant cost savings. This milestone signifies our commitment to providing lasting value for shareholders whilst fast-tracking the development of Kangankunde.' In December 2024, the company signed a non-binding term sheet with Gerald Group for a $50m (A$79.88m) funding package to support the development of the Kangankunde rare earths project. "Lindian Resources begins site works at rare earths project in Malawi" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
11-04-2025
- Business
- Yahoo
Lindian Resources begins site works at rare earths project in Malawi
Australia-based company Lindian Resources has commenced early-stage site works at the Kangankunde rare earths project in Malawi. Kangankunde is considered one of the world's 'most significant' undeveloped rare earth assets. The initiation of civil and infrastructure development follows the start of construction on a new 5km access road in February 2025. The works are part of a broader strategy to accelerate stage one construction and reduce project risks. The company has reported substantial progress with pre-construction earthworks, completion of plant processing areas, equipment laydown and management site offices. The access road is significantly ahead of schedule, with completion anticipated in the second quarter of 2025. This has allowed the company to repurpose equipment and skilled workers from the road crews, resulting in considerable time and cost savings. Lindian Resources has emphasised the importance of local workforce involvement, with more than 70% of site-based roles filled by local workers. The company's management team is prioritising environmental stewardship and sustainable development practices including adopting environmental management standards and partnering with local businesses to uplift the socio-economic conditions of surrounding communities. Lindian Resources project delivery chair Zac Komur said: 'The initiation of these projects showcases Lindian's dedication to progressing Kangankunde with both urgency and a fresh perspective. By assembling a seasoned construction team and collaborating with skilled contractors to optimise initial infrastructure development, we are establishing a strong groundwork for effective project execution. 'Through collaboration, best practice efficiencies and on-site management the current road works are ahead of schedule, allowing for the company to utilise equipment and skilled personnel, delivering pre-development time and significant cost savings. This milestone signifies our commitment to providing lasting value for shareholders whilst fast-tracking the development of Kangankunde.' In December 2024, the company signed a non-binding term sheet with Gerald Group for a $50m (A$79.88m) funding package to support the development of the Kangankunde rare earths project. "Lindian Resources begins site works at rare earths project in Malawi" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
07-02-2025
- Business
- Yahoo
Gerald Group successfully refinances its fifteenth annual Revolving Credit Facility at US$230 million
LONDON, Feb. 7, 2025 /PRNewswire/ -- Gerald Group ("the Group"), a leading global commodity trader focused on ferrous, non-ferrous and precious metals, has announced the fifteenth annual refinancing of its committed unsecured Revolving Credit Facility ("RCF"). The RCF was oversubscribed and closed at US$230 million. This year, the Group welcomed four new banks to the transaction and the syndicate now stands at 18 international banks covering Europe, Asia and the Middle East. "The RCF plays a vital role in providing liquidity to support our growth across the Group's metals and critical minerals trading. We extend our gratitude to our long-standing banking partners for their continued support and warmly welcome those new banks joining the facility this year. We look forward to fostering mutually beneficial and lasting relationships together," commented Patricia Nikolopoulos, Gerald Group's Chief Financial Officer. The refinancing was led by Credit Agricole Indosuez (Switzerland) SA and Deutsche Bank Luxembourg SA as Joint Senior Bookrunners and Mandated Lead Arrangers, with UBS Switzerland AG as Bookrunner and Mandated Lead Arranger. Banco Do Brasil S.A., Shanghai Branch, Banque de Commerce et de Placements S.A., DBS Bank Ltd, London Branch and Erste Group Bank AG are Mandated Lead Arrangers. Arab Banking Corporation S.A. joined as a new Mandated Lead Arranger. Arab Bank (Switzerland) Ltd, Bank of China Limited, London Branch, Banque Cantonale Vaudoise, DZ BANK AG, UniCredit Bank GmbH and Zürcher Kantonalbank are Lead Arrangers. Société Générale, Paris, Zurich Branch joined as a new Lead Arranger. GarantiBank International N.V. is a Participant. Banque Internationale de Commerce - BRED (Suisse) SA and Credit Europe Bank N.V. joined as new Participants. "Credit Agricole Indosuez (Switzerland) SA and Deutsche Bank Luxembourg SA are proud to have supported the US$230 million Revolving Credit Facility refinancing for Gerald Group. Credit Agricole Corporate and Investment Bank acted as sole active coordinator of the syndication, joint Mandated Lead Arranger and Bookrunner alongside Deutsche Bank who acted as Facility Agent, joint Mandated Lead Arranger and Bookrunner. We were delighted to close the facility at a higher level versus the previous year including four new participants in the pool, a result of the strong underlying fundamentals for Gerald's metals business, strong teamwork and the strength of our client relationship," stated Credit Agricole Indosuez (Switzerland) SA. For information, visit Gerald Group Founded in 1962 in the United States, Gerald Group is a leading commodity trader specialising in non-ferrous, ferrous and precious metals and critical minerals. Gerald Group offers tailored services and solutions, providing 24/7 global coverage to streamline the logistics, transportation and delivery of metals across the global metals value chain from the mine or smelter to our industrial customers and end-users. Led by Executive Chairman and CEO, Craig Dean, Gerald Group establishes strategic partnerships, makes targeted investments, hedges, markets and conducts structured finance transactions to ensure a sustainable and meaningful role in the global economy. Our integrated network includes trading desks in Stamford – CT, Geneva, Shanghai and Dubai, supported by our dedicated teams and global infrastructure across subsidiaries, joint ventures, affiliates and strategic partnerships. View original content to download multimedia: SOURCE Gerald Group Sign in to access your portfolio
