Steenkampskraal Holdings Ltd (SHL), the rare earth (RE) mine in South Africa and one of the world’s highest grade RE mines, has announced a substantial investment in the company by Monoceros Mineral Resources (Pty) Ltd (MMR).
SHL chairman Trevor Blench said the MMR investment will be used for mining activities at Steenkampskraal and to list the company on a stock exchange. “SHL shares will soon be available for investors,” he said.
MMR was started by Timothy Crombie, a chemical engineer and data scientist who recognised the need for rare earths in the global transition away from fossil fuels and the important role that Steenkampskraal can play in this transition. SHL has appointed Mr Crombie as a director and project manager.
Mr Crombie explained that rare earths, and specifically neodymium (Nd) and praseodymium (Pr), are used in electric motor magnets to make electric vehicles (EVs). These are key components in numerous other products.
“The production and sales of EVs more than doubled in 2021 to 6.6 million and continue to rise rapidly in 2022. Rare earths are also used to make wind turbines, another fast-growing industry,” he said.
The rare earths that are used in these two industries are neodymium, praseodymium, dysprosium and terbium. Neodymium and praseodymium represent about 74% of the total economic value of the rare earths reserves at the Steenkampskraal mine.
Steenkampskraal has a NI 43-101 Mineral Resource Estimate that confirms the presence of 605,000 tons of ore at an average grade of 14.4% TREO. The mine therefore contains about 86,900 tons of TREO, including 15,630 tons of neodymium, 4,459 tons of praseodymium, 867 tons of dysprosium and 182 tons of terbium. The prices of these four rare earths more than doubled in 2021.
Steenkampskraal is an existing mine with a mining right. Anglo American Corporation of South Africa (AA) mined Steenkampskraal from 1952 to 1963, removed 128,289 tons of ore and produced 53,939 tons of monazite concentrate that contained 26,969 tons of TREO. The average TREO grade of the ore that AA mined during those eleven years was 21%.
For more information, please visit our website: www.steenkampskraal.com
Media Contact
Company Name: Steenkampskraal Holdings Ltd
Contact Person: Carol Vermaak
Email: Send Email
Phone: +021-8524998
Address:Lompré House Fairways Office Park, Niblick Way
City: Somerset West 7130
State: Western Cape
Country: South Africa
Website: www.steenkampskraal.com
