Lindian Resources Limited (ASX: LIN) is into the operations of mining and exploration. The group was listed on ASX in the year 2000. Through its acquisition of Tangold Pty Ltd, the group has got access to projects in the prolific Lake Victoria Goldfields in Tanzania; and it has a core focus on prospective Uyowa Gold Project.
On 1 February 2019, the company came up with the activity report for the December 2018 quarter. During the quarter, the company recommenced exploration on the Lushoto Bauxite Project. The key focus of the exploration remained in defining high-grade outcropping mineralization close to rail and road infrastructure. Auger drilling, mapping, and rock chip sampling were part of the exploration with its results available and released during the current quarter.
On July 2018 the company entered into an exclusive agreement with Rift Valley Resource Developments Limited and Michael Saner for an acquisition of 75% interest in the Kangankunde Rare Earths Project in Malawi subject to various precedent conditions. Kangankunde is among the world’s largest Rare Earth Projects which is located outside China. It is a hill containing carbonatite rocks, with a height up-to 200m above the surrounding plain. The project reported previously high grade inferred resource of 107,000 tonnes of Rare Earth Oxide at an average grade of 4.24% REO using a 3.5% REO cut-off and remains open at depth.
A consent order between the Ministry of Natural Resources of Malawi and Environmental Affairs was entered and granted. The order settled all matters between the parties and provided for the issuing of a new EPL over all the ground that comprises the Kangankunde Rare Earths Project. The EPL was issued in line with the current Malawi regulations, which is for an initial period of three years, and renewable twice for a period of two years each. The consent order was also provided for the Ministry of Natural Resources, Malawi and Environmental Affairs. The consent order in turn will support the EPL conversion into a Mining License (as per the application of all valid regulations), as well as assistance with any financing parties introduced to develop the Project.
The company also released its quarterly report for the period ended 31 December 2018. It reported a net cash inflow from operating activities of A$491,000 for the quarter and an operating cash outflow of A$911,000 for the year to date period representing six months. However, the cash inflow from financing activities as reported by the company was A$81,000 for the December quarter and A$1,081,000 for the year to date.
Now, let us have a quick glance at the Lindian Resources Limited’s stock performance coupled with its return, it has posted over the last few months. The stock last traded at a price of $0.019. It has yielded a negative YTD return of 13.64% and posted returns of 11.76%, 5.56% and -9.52% over the last six months, three months and one-month period respectively. It has a 52-week high price of $0.028.
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