Lynas Subleases Land to Forge Resources

Lynas Corporation has agreed to sublease areas within its mining lease to Forge Resources. The deal will involve granting Forge Resources the rare earth deposits located within the Mount Weld area, located 35 kilometres south of Laverton, Western Australia.

The proposal was studied by independent expert Grant Samuel who concluded that the proposal was fair and reasonable to the shareholders of Lynas not associated with Forge or Nicholas Curtis in the absence of a superior proposal.

The Mount Weld rare earth deposits are the richest known and contain the Crown and Swan deposits in Western Australia as well. They hold tantalum, niobium, and phosphate deposits. The mining leases are considered non -core assets of Lynas Corporation.

As part of the deal Lynas Corporation will get $20.7 million cash and an option to acquire 7 million ordinary shares in Forge Resources. If the Crown or Swan deposit is successfully developed by Forge Resources, Lynas will also get an ongoing royalty payment from them. Lynas will also get a right of first refusal to take delivery of any rare earths from any other mineral deposits that any member of the Forge Group acquires.

The share holders of the Lynas Corporation must vote on the proposal in the extraordinary general meeting that is to be held in May 18, 2011. Forge and Lynas share a common director in Nicholas Curtis, who is the chairman of Lynas as well as the non-executive chairman of Forge and a Forge shareholder.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.


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