Demand for magnet REE metals will require many new mines, says Townsend
Darren Townsend, Managing Director of Peak Resources Limited (ASX: PEK), presented at the 5th Annual Cleantech and Technology Metals Summit held recently in Toronto.
Peak’s goal is to generate stakeholder value through the development of the Ngualla rare earth project in Tanzania into a “new generation”, long term, low cost producer of the magnet metals neodymium and praseodymium — the high growth segment of the rare earth market. Based in Perth, Western Australia, Peak Resources Limited discovered rare earth mineralisation at Ngualla in 2010 and is fast-tracking the project’s development in partnership with sophisticated investors Appian Natural Resource Fund and International Finance Corporation, a member of the World Bank Group.
In this video of the presentation, Darren Townsend:
- Breaks down the future demand from makers of automobiles and wind turbines for magnet metals neodymium and praseodymium.
- Explains how this would require expansions of REE mining to produce enough NdPr.
- Gives his view on the present low prices for rare earths, which he described as being not sustainable.
- Outlines Peak Resources’ marketing strategy.
Peak Resources Ltd is an advertorial member of InvestorIntel.
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