Shenghe Resources-backed Ganzhou Chenguang Rare Earths New Material to acquire remaining 80.11% stake in Peak Rare Earths Limited for AUD158m.

Shenghe Resources-backed Ganzhou Chenguang Rare Earths New Material, a smelting and separation of rare earth oxides, and refining, agreed to acquire remaining 80.11% stake in Peak Rare Earths Limited, a junior miner focused on the Ngualla Rare Earth Project in Tanzania, for AUD158m. "The proposed Scheme offer price of a minimum of AUD0.359 represents an excellent outcome for shareholders and a 199% premium to Peak's closing share price prior to announcement. The offer provides an opportunity for Peak shareholders to realise an attractive price for their shares and accelerate the realisation of the Ngualla Project's value," Bardin Davis, Peak Chief Executive Officer.