Mineral Exploration Company, Peak Resources Limited (ASX: PEK) has announced its quarterly activities report for 2018 December Quarter. In the report, the company informed about the meeting between the Company’s Tanzanian Commercial Manager, Ismail Diwani and the newly appointed Tanzanian Mining Minister Mr. Dotto Biteko.
In the meeting, Mr. Ismail Diwani congratulated Mr. Biteko on his appointment and discussed the issue of the Special Mining Licence (SML). In the meeting, the Minister confirmed that he understands the urgency of the SML, and he will play his part to push this as swiftly as it can get. Mr. Biteko also informed that Ministry’s Planning team is preparing the relevant cabinet papers for the Special Mining Licence after receiving the approved application from the Mining Commission.
In the quarterly report, the company has informed that the Tanzanian Mining Commission is satisfied with the application and it has received the supporting documents for it. As per the company’s announcement, the Tanzanian Mining Commission has recommended the licence for approval to the Minister of Minerals. The final information provided to the Commission included a strategy and commitment for the exploration and development of other commodities that have previously been identified within the Ngualla licence area.
The Ngualla Rare Earth Project office and site were closed in December due to the wet season and the main operations undertaken before to the site closure include
- Community Liaison with the local Ngwala community
- Handover of the Itiziro classroom and the community projects
- Receive guests including government officials and potential investors
During the December Quarter, the company completed a limited testwork program on the preferred collector and the testwork has validated and confirmed previous results which underpins a brief reagent optimization program.
During the December Quarter, the company’s executive team continued further engagement and visits with potential customers. As per the announcement, more potential customers are growing to realize the need to have a more diversified supply of material including material sources that are independent of China.
While providing the Pricing Update, the company informed that the Chinese rare earth prices remained stable and flat during the December Quarter. The company also informed that the recently weaker US dollar against the yuan has pushed export prices up.
As at 31 December 2018, the company had net cash used in operating activities of $734k, net cash used in investing activities of $253k and net cash used in financing activities of $65k. At the end of the December quarter, the company had cash and cash equivalent of $4,113k.
In the past six months, the share price of the company decreased by 5.88 percent as on 29 January 2019. PEK’s shares traded at $0.029 (-9.375% intraday) with a market capitalization of circa $25.58 million as on 30 January 2019. It has 52 weeks high of $0.057 and 52 weeks low of $0.020.
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