Shares of Peak Rare Earths (ASX:PEK) rose over 2% in recent Friday trade after it said in a late Thursday filing that it had received key Tanzanian regulatory approvals for Shenghe Resources' proposed takeover, clearing a major condition precedent for the scheme of arrangement.

The company has received the necessary regulatory approvals from both the Fair Competition Commission and the Mining Commission of Tanzania, per the filing.

The scheme also depends on other conditions, including a positive expert report, Australian court approval, and no government restrictions or material adverse changes, the filing said.

The shareholders may oppose the scheme at the second court hearing on Sept. 19 by filing a notice of appearance and affidavit with the court, the filing added.