Rare earth minerals

Rainbow Rare Earths, listed in London, possesses the Phalaborwa project in South Africa's Limpopo province. This project, estimated to hold 30.4 million tons of minerals, stands as one of the globe's most cost-effective producers of separated magnet rare-earth oxides. Currently, a prefeasibility study is in progress post the release of a preliminary economic assessment in October 2022, indicating promising economic prospects.

Steenkampskraal Monazite Mine is located 71 km north of Vanrhynsdorp in the Western Cape province of South Africa. A strategy has been developed to bring the mine into production. The strategy covers producing monazite concentrate with the construction of a monazite concentration plant, followed by the construction of a cracking plant to produce mixed rare earth carbonate and thorium. This will be followed by the construction of separation plant to produce mixed rare earth oxides. It has been reported that the mine is one of the highest-grade rare earths and thorium mines in the world.

The mine houses all fifteen rare earth metals and encompasses an existing project formerly owned and operated by Anglo American until 1963, with an estimated mineral resource of 15,630 tons of neodymium, 4,459 tons of praseodymium, 867 tons of dysprosium, and 182 tons of terbium. With one of the highest-grade rare-earth deposits globally, the mine is poised to produce 2,700 tons/year of TREO for over 20 years.

Namibia Critical Metals, a Canadian-based mineral company, owns the Lofdal project in Namibia. With a production capacity of 2,000 tons/year of Total Rare Earth Oxide (TREO), the project has the potential to yield both dysprosium and terbium, highly valued rare earth metals globally. Namibia Critical Metals is collaborating with Japan Oil, Gas and Metals National Corporation to develop the project. Recently, the company signed a letter of intent with SGS Canada, a testing, inspection, and certification company, to initiate pilot plant testing on a five-tonne sample from the deposit.

Pensana, headquartered in the UK, owns the Longonko rare earth metals project, an open-pit mine and flotation concentration plant situated in Angola. With an estimated mineral resource of 313 million tons, the project is anticipated to produce 40,000 t/y, processed at a refinery in the UK. In 2022, Pensana initiated the construction phase of the project, which boasts a lifespan of 20 years.

Ionic Rare Earths, an Australian company, is developing Uganda's Makuutu rare earth metals project, spanning six licenses over an area of 298 km². The project, with a total mineral resource estimate of 532 million tons, published the feasibility study for its first phase in March 2023. This phase anticipates production of 1,300 tons/year over the initial ten years and 1,160 tons/year over 35 years. Approval for the demonstration plant was granted by Uganda's Ministry of Energy and Mineral Development in April 2023.

Peak Rare Earths, an Australian entity, is advancing the Ngualla Rare Earth project in Tanzania, housing one of the largest high-grade and low-cost Neodymium Praseodymium rare earth deposits globally. With an estimated mineral resource of 18.5 million tons, resources are set to undergo processing at a concentration plant on site. A bankable feasibility study was finalized in October 2022, while a strategic cooperation agreement for offtake was signed with Chinese group Shenghe Resources in the same month. In May 2023, the company secured a special mining license.

Mkango Resources, a Canadian mineral exploration and development company, is progressing the Songwe Hills REE project in Malawi. With mineral resources totalling 18.1 million tons, the open-pit mine has an anticipated lifespan of 18 years and aims to produce an average of 5,954 tons/year. Mining operations are slated to commence in February 2025, with processing set to accelerate by July of the same year.