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Chinese rare earth miner Shenghe Resources is acquiring new shares in Vital Metals for an initial A$5.9 million , allowing the Australian miner move forward with development at its Nechalacho project in Canada’s Northwest Territories.of the issued share capital in Vital at A$0.01 a share to raise A$5.9 million . The company could subscribe for a further 492 million shares at A$0.015 a share, which if exercised would raise about A$8.9 million .
As part of the agreement, Shenghe is set to acquire a 50% interest in Vital’s Wigu Hill rare earths project in Tanzania. The investment will help Vital to set up a new leadership team and to explore “the development of an integrated North American supply chain for future rare earth production at Nechalacho,” Vital
The Australian-based junior, which is Canada’s first – and North America’s second – rare earths producer, recently placed its Shenghe’s cash injection clashes with Vital’s initial claim of becoming a key actor in the emerging North American critical minerals supply chainCopycat Chinese lithium firms back Nigerian processing plant
The $250 million project is a response to the Nigerian government’s efforts to diversify the economy away from oil.
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