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Australian development and exploration company RareX (ASX:REE) is pushing to expand its resource of rare earth elements (REE) at its flagship Cummins Range project in Western Australia, with the goal of taking the asset all the way to production.
The company’s Cummins Range site is located in the Kimberley region of Western Australia and host to an abundance of rare earth minerals, specifically in the form of monazite, one of the most well-understood and processed rare earth minerals in the world.
“We’ve got a modest resource of about 20 million tonnes at the moment, but with the drilling we’ve been doing this year, we’re gonna make that very much larger towards 100 million tonnes and beyond,” said RareX managing director Jeremy Johnson.
The company is also progressing through its pre-feasibility study and is in the process of applying for government funding to fund these studies through the Australian government’s Critical Minerals Accelerator Initiative.
Johnson added his company is “very pleased” to be developing a project in Western Australia, given the region’s well-established mining culture and mining-friendly jurisdiction.
“With the great amount of knowledge that the sector has gained in Western Australia, Western Australia is becoming a center of excellence for processing critical minerals (like) lithium and rare earths,” Johnson said.
The RareX executive is optimistic about the potential of rare earth minerals to gain market momentum as demand for electric platforms and renewable energy continues to rise. “We’re using them in much, much greater amounts in our electric vehicles and wind turbines, extremely useful for the new economy. For the renewable sector, it’s going to be an increasing part of our lives as we move through this decade and beyond.”
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The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.