Lindian Resources Ltd. has secured approval to expand its Kangankunde Rare Earths Project in Malawi as it achieved significant updates across several projects during the quarter ended September 30.
The mining licence approval expands the Kangankunde project to 2,500 hectares from 900 hectares, providing the footprint to support a major production expansion and associated infrastructure development.
Lindian also entered into a long-term strategic partnership with Iluka Resources, including a US$20 million construction funding facility and a 15-year offtake agreement for premium Monazite Concentrate from Kangankunde.
The company also completed a AU$91.5 million institutional placement. The placement was priced at 21 cents per share.
Lindian Executive Chairman Robert Martin said: “This has been a redefining quarter for Lindian. The company achieved a series of landmark milestones, including the announcement of the Final Investment Decision on Stage 1 of Kangankunde, underpinned by a long-term strategic partnership with Iluka and a $91.5 million institutional placement.”
“We secured approval to expand the Kangankunde Mining Licence, paving the way for a major Stage 2 expansion, appointed DRA Pacific to advance the Stage 2 Expansion Study, and transitioned to an owner-operator mining model that will deliver significant cost savings.”
With funding secured and the Iluka partnership in place, the company is targeting first production for Kangankunde for the fourth quarter of 2026.
The company has appointed DRA Pacific to complete the Stage 2 expansion study at Kangankunde.