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Appian Capital Advisory LLP announced Wednesday that it has substantially exited its position in Peak Rare Earths (ASX: PEK) and through a solely owned subsidiary, has sold its 19.9% interest to global rare earth group Shenghe Resources Holding Co.
The sale of Appian’s position was priced at A$0.99 per share, representing a substantial 24.5% premium to Peak’s shares pre-closing. As a leading rare earth major with a global operational footprint, Shenghe will be a technical and financial partner to Peak going forward.
Appian said in a media release it believes Peak’s Ngualla rare earth project in Tanzania is potentially the best undeveloped rare earth asset in the world with technical advantages and long-term commercial potential and that the rare earth project can contribute to global decarbonization initiatives via the manufacture of permanent rare earth magnet critical for the energy transition.
“The sale to a rare earth major is a strong endorsement of Peak’s world-leading project, enabling it to move on to the next stage of development,” Michael W. Scherb, Appian CEO said in a news release.
