Critical Metals ups stake in world’s largest rare earths project to 42%
The Tanbreez project in Greenland has been ranked the largest rare earth deposit in the world, hosting 28.2 million tonnes of total rare earth oxides.
Valcambi, the Swiss gold refiner, announced today that it is entering into a long-term supply agreement with the Minera Limata Limitada mining co-operative Concession AFC 12 (LIMATA AFC 12), a small-scale mine near Puno, South Peru.
Thanks to a collaboration between the refiner and Fairtrade, Valcambi enabled LIMATA AFC 12 to access global markets for the first time. Valcambi, complemented by Fairtrade’s existing on-the-ground relationship with the mine, worked to develop the supply chain necessary to source and refine the mined gold, selling this on to high-end jewellery manufacturers. LIMATA AFC 12 and Fairtrade continued the path to certification, and the mine achieved this soon after the first sale.
This project is part of Valcambi’s long-term strategy to support and drive responsible gold mining and sourcing, with a special focus on Artisanal and Small Scale Mining (ASM).
“We are taking a leadership role in ASM, using our sectorial weight to pull the sector forward on responsible business practices,” says Michael Mesaric, CEO of Valcambi. “The intent is to create positive outcomes for the mining communities, and allow us and the other industry actors to confidently source from artisanal mines.”
Valcambi has developed an ASM sourcing model that aims to benefit the sector and producer nations while improving markets access for ASM miners.
“LIMATA AFC 12 is a very important milestone for Valcambi and our sector,” adds Mesaric. “This project puts into practice our ASM sourcing processes and, most importantly, demonstrates that responsible artisanal mining and sourcing are possible, and that ASM can access the international gold market.”
“LIMATA AFC 12 is a great example of collaboration between the public-private sector, in this case the Government of Peru; Fairtrade; Valcambi, and the jewellery industry, all joining forces to positively impact the ASM sector,” comments Mesaric. “For Valcambi, this is a strategic first and we look forward to bringing other projects on stream soon.”
Gold-rich soil is dug at the mining cooperative Limata, part of CECOMSAP, Ananea, Puno, Peru.
AFC 12 Gold
Delegation
Furnace
