Crossland Strategic Metals (ASX:CUX) has positioned itself closer to Asian markets by confirming a new Malaysia-controlled joint venture partner for its Charley Creek rare earths project in the Northern Territory.
Private Malaysian company EMMCO Mining has closed the purchase of former Charley Creek partner Pancontinental Uranium Corporation’s (CVE:PUC) 43.72% interest in the JV.
This was executed via a private Australia-based company known as Essential Mining Resources (EMR).
The move is expected to result in closer Asian ties for Crossland as it continues to plan Charley Creek as a long-life mine with a potentially short lead time.
Since negotiations between EMR and Pancontinental started in mid-2014, Crossland has maintained the Charley Creek tenements and related assets in good standing.
Funding for this has been achieved through a series of placements to Southeast Asian and local investors that have indicated their ongoing support. This is seen as a positive factor in the current market.
The proportion of the critical heavy rare earth elements (REE) in concentrates produced from Charley Creek alluvium is substantially higher than most other known advanced REE resource projects.
Heavy REE are less common than light REE and include valuable elements in the commercially promising magnetic class such as dysprosium and terbium.
