Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Peak Resources receives U.S. funding interest for rare earth project

Published 26/11/2019, 02:30 pm
Updated 26/11/2019, 02:35 pm
Peak Resources receives U.S. funding interest for rare earth project

Peak Resources receives U.S. funding interest for rare earth project

Nov 26 (Reuters) - Peak Resources Ltd PEK.AX on Tuesday said it received an indication from a U.S. government agency regarding possible funding for its Ngualla Rare Earth project in Southern (NYSE:SO) Tanzania.

The Overseas Private Investment Corp, a U.S. government agency that helps American businesses invest in emerging markets, would consider financing the African project, subject to a review and approval process, Peak Resources said in a statement.

The United States has been pushing to increase its rare earths capabilities to secure stable supply of the specialized material amid the country's trade conflict with China.

Since China is the world's largest producer of rare earth minerals there is concern the nation could use its supplies as a bargaining chip in its trade war with the United States.

The governments of Australia and the United States have said they would support and develop critical minerals and rare earths projects. earth minerals are used in electric vehicles, smart phones, renewable energy and defense applications, and Australia has some of the largest rare earths producers outside China.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.