Cometh the day, cometh the Cummins Range rare earth study for RareX

The capex comprises $200 million on a mine and beneficiation plant, and the balance on a Wyndham Port refinery facility.

The latter provides the opportunity of hydroelectric power being incorporated.

The pre-tax IRR was put at 29%.

A pre-feasibility study is due to be completed next year.

As currently envisaged the mine would produce a rare earth mineral concentrate and a phosphate mineral concentrate.

“Further opportunity exists to produce a combined phosphate and rare earth mineral concentrate at site – allowing for reduced site infrastructure – with separation and processing at port,” RareX said.

“This should result in a substantially larger mining operation.”

Other upside is in the resource which is seen by the company as having “substantial growth potential”.

RareX said it had cash and investments totalling $10.3 million at the end of June.