development timelines, delay risks and value adding in rare earths - dec 2012 - sykes & trench -...

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Rare earth resource announce d HofA with Gansu Rare Earths for downstrea m plant Purchase of Mt Weld completed Bulk sample drilling for pilot plant begins Pilot plant starts Pilot plant work completed successfully Purchase of 49% of Channar Ltd (40% owner of Hamersley Iron Ore) Scoping Study completed Feasibilit y Study complete d New niobium resource Legal dispute with AMR Downstream agreement with Rhodia Independe nt review completed A$75M equity raising Downstrea m plant moved to Malaysia Mining approved by WA govt & mine contract awarded Malaysian capex increased A$300M equity & debt funding secured A$94.5M equity raising GFC: financing problems Project suspended: financing problems China Non- Ferrous deal announced More permit approvals China Non- Ferrous deal cancelled Engineering & supply contracts awarded Malaysian plant capex increase Rare earth prices soar not reflected in share price Resource upgrade Off-take contracts awarded Rare earth prices retreat more than share prices Off-take contracts awarded Permit approval s in Malaysia Resource upgrade Plant moved within Malaysia GFC: Project suspended

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Page 1: Development timelines, delay risks and value adding in rare earths - Dec 2012 - Sykes & Trench - Greenfields Research / Curtin University / University of Western Australia

Rare

earth

resource

announce

d

HofA with

Gansu

Rare

Earths for

downstrea

m plant

Purchase of

Mt Weld

completed

Bulk

sample

drilling

for pilot

plant

begins

Pilot

plant

starts

Pilot plant

work

completed

successfully

Purchase of

49% of

Channar Ltd

(40% owner of

Hamersley

Iron Ore)

Scoping

Study

completed

Feasibilit

y Study

complete

d New

niobium

resource

Legal

dispute

with AMR

Downstream

agreement

with Rhodia

Independe

nt review

completed

A$75M

equity

raising

Downstrea

m plant

moved to

Malaysia

Mining

approved

by WA govt

& mine

contract

awarded

Malaysian

capex

increased

A$300M

equity &

debt

funding

secured

A$94.5M

equity raising

GFC:

financing

problems

Project

suspended:

financing

problems

China Non-

Ferrous

deal

announced

More permit

approvals

China Non-

Ferrous deal

cancelled

Engineering

& supply

contracts

awarded

Malaysian

plant capex

increase

Rare earth

prices soar

– not

reflected in

share price

Resource

upgrade

Off-take

contracts

awarded

Rare earth

prices

retreat –

more than

share

prices

Off-take contracts

awarded

Permit

approval

s in

Malaysia

Resource

upgrade Plant

moved

within

Malaysia

••

GFC: Project suspended