SYDNEY, AUSTRALIA: Rafaella Resources Limited (ASX:RFR) has executed a binding heads of agreement with PanEx Resources for the acquisition of Pan Iberia Ltd.
Pan Iberia, through its 100% subsidiary, PanMetals Unipessoal Limitada holds the contractual rights to acquire 100% of the Borralha tungsten project and 90% of the Vila Verde tungsten project from Minerália – Minas, Geotecnia e Construcoes, LDA.
Acquisition is highly complementary to the Santa Comba tungsten and tin project, significantly strengthening the Company’s strategic position in the Iberian Peninsula, a leading supplier of tungsten to Europe and North America.
Managing Director Steven Turner said: “This is an important acquisition for the Company as we position ourselves to become a leading western European supplier of tungsten, a critical metal facing significant supply chain risks due to the dominance of supply from China.
The Borralha and Vila Verde deposits are widely considered the most attractive undeveloped tungsten projects in Portugal. With Santa Comba advancing through the feasibility study and with the open pit permit application to be submitted in 2022, the addition of these Portuguese projects provides Rafaella with a portfolio of resources in various stages of the development cycle.
The recent award of the 25-year mining exploitation licence for Borralha gives comfort of tenor and a clear path to development.
Rafaella will be able to apply many of its findings at Santa Comba to the Borraha and Vila Verde development programmes. We look forward to updating the market on the outcome of the due diligence and the results of the maiden JORC MRE.”
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