Business
Acquisition of Rare Earth Project in Kenya
Acquisition of Rare Earth Project in Kenya.
About this update from Kazera Global Plc
[{"type":"text","content":"\n \n \n \n 21 June 2022\n \n \n \n \n Kazera Global plc\n \n \n \n \n (\"Kazera\" or the \"Company\")\n \n \n \n \n Acquisition of Rare Earth Elements Project in Kenya\n \n \n \n \n \n \n Kazera Global plc, the AIM quoted investment company, is delighted to announce the signature of Binding Heads of Terms for the proposed acquisition of a 71% interest in Great Lakes Graphite (PTY) Ltd (\"Great Lakes Graphite\"), which owns 100% of 3 exploration licenses covering the Homa Bay and Buru Hill Rare Earth Elements projects (the \"Project\") in Kenya.\n \n \n This is in accordance with the Company's investing policy to\n achieve shareholder returns through direct investments in companies and accretive projects in Africa within the mining and resource sectors.\n \n \n \n Transaction Highlights\n \n \n \n \n \n \n \n \n ·\n Acquisition of controlling interest in the Homa Bay and Buru Hill exploration licenses in Kenya which comprises of Rare Earth Element exploration opportunities\n \n \n o \n Rare Earth Elements are a major constituent material in the manufacturing of magnets which are used for electronic vehicles and turbines\n \n \n ·\n New country entry, in an area of significant local and national infrastructure, supported by a new, progressive Mining Act and fast-growing exploration and mining presence\n \n \n ·\n Two initial exploration targets:\n \n \n o \n Buru Hill's PL305 license, which has a previous JORC compliant exploration target of 27Mt @1.89% grade for 510Kt Total Rare Earth elements (\"TREO's\") and;\n \n \n o \n Kuge area, PL303 licence, which has demonstrated extensive zones of elevated Light Rare Earth Elements within drilling along a strike length of 500m\n \n \n ·\n At-surface mineralisation presents highly favourable conditions for economic recovery\n \n \n ·\n JORC Compliant Resource and Scoping Study expected within 6 months\n \n \n ·\n Planned, low-impact work programme to progress licences to the granting of a Definitive Feasibility study for a cost of up to US$2.5m, funded via future cash flows\n \n \n ·\n Historic detailed data estimates approximately\n 65,000 tonnes of Ce, 52,000 tonnes of Lanthanum and 18,000 tonnes of Nd from an assumed low recovery rate of 50% of the top 50m layer of the resource\n \n \n ·\n Terms of the acquisition are found below\n \n \n \n \n \n \n D...