Lynas Corporation Ltd (ASX:LYC) has announced that it has completed an acquisition of a rare earths resource in the African country of Malawi for $US4 million.
The Kangankunde Carbonatite Complex has an inferred resource of 107,000 tonnes of rare earths oxide.
Lynas says the newly acquired assets will now allow the company to start accelerated development of the project.
In the next 12 months Lynas plans to establish a corporate office in Malawi. In addition, Lynas will prepare the mine site for development work and a technical program that includes geological mapping and drill and metallurgical test work program.
Lynas says once this work is complete an engineering, construction and mining schedule for the Kangankunde Carbonatite Complex can then be developed.
In the year to 30 June 2010, Lynas Corporation booked a net loss of $43 million.
