Plans are in motion to reopen a rare earth minerals mine in the Western Cape, South Africa, by 2024.

Moneyweb reports that Steenkampskraal Holdings is raising ZAR35 million to commission a definitive feasibility study and to fund working capital for 2023.

The Steenkampskraal mine was last productive in the 1960s, but previous owners spent ZAR500 million on infrastructure as recently as 2011 to 2015.

The good state of the infrastructure and the fact that mining methods have already been proven means that capital expenditure can be kept relatively low.

Upfront costs will be further contained by adopting a phased approach. Phase one will concentrate on mining monazite, while successive phases will produce mixed rare earth carbonates and separated rare earth oxides.

Chairperson Bernard Swanepoel says the mine ‘will position SA as one of a few alternative sources to China for the supply of rare earths, especially those used in electric motors and green technology’.

The  mine will be able produce at least 2 700 tons of total rare earth oxides per annum for more than 20 years.

21 March 2023
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