Lindian Resources moves ahead with Malawi mine
The Australian miner approves development of its Kangankunde Rare Earths Project with promised funding.
Lindian Resources Ltd has received commitments for AUS$91.5mln from institutional investors.
Following a strategic partnership with Lluka Resources Ltd, the company has approved an investment decision for construction of Stage 1 of its Kangankunde Rare Earths Project in Malawi.
Lindian Resources says first production is scheduled for the fourth quarter of 2026.
The company reports to have received firm commitments rom Australian and offshore institutional investors for a placement of ~435.7mln new fully-paid ordinary shares at a price of AUS$0.21 per share.
Kangankunde is a 45-year, high-grade, rare earths project, which aims to produce a premium saleable Monazite Concentrate at 55% TREO grade with no deleterious elements and low levels of radionuclides.
Stage 1 is planned to be a conventional open-pit mining operation and simple gravity and magnetic separation flowsheet, with all permits in place for development and mining operations.
Completion of Stage 1 will enable the plant to produce ~15,300t p.a. of premium monazite concentrate, says Lindian Resources.
Stage 2 will expand production capacity, leveraging the large-scale mineral resource of 261Mt and the recent approval of the expansion licence. The area should increase from 900Ha to 2,500Ha, as the feasibility study deemed the potential to expand production to 50,000t p.a.
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