The acquisition includes staged payments and performance shares tied to a 10m-tonne mineral resource milestone within three years.
AuKing Mining has agreed to acquire the Machinga Heavy Rare Earth Elements (HREE) Project in Malawi, covering 200.4km² of exploration licenses. The deal involves an initial A$5,000 payment, with A$750,000 in cash and shares due upon completion, plus A$1.25m in performance shares contingent on resource targets.
Historical exploration at Machinga revealed mineralization across a 2km strike, with grades up to 1.4% total rare earth oxides (TREO). Heavy rare earth oxides comprise 28–30% of the content, exceeding levels in many ionic clay deposits. The project is near Lindian Resources’ Kangankunde Project.
Completion hinges on regulatory approval from Malawi’s Mining and Minerals Regulatory Authority. The staged payment structure aligns with a three-year timeline to report a Joint Ore Reserve Committee-compliant resource of at least 10 million tonnes at 0.65% TREO.