Peak Rare Earths Sells UK Site for 3.5 Million Pounds Sterling

MT Newswires Live

Jul 09

Peak Rare Earths (ASX:PEK) has sold its non-core Teesside site in the UK to Sembcorp Utilities UK, a unit of Sembcorp Energy, for 3.5 million pounds sterling, according to a Wednesday filing with the Australian bourse.

The sale includes 50,000 pounds sterling payable upon surrender of the site's environmental permit, and the company will also fund site works up to the same amount, the filing said.

The company will now focus on developing the Ngualla project in Tanzania, the filing added.

Sale proceeds will support Ngualla-related costs, working capital, and the company's proposed acquisition.

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