Lindian takes full control of world-class Malawian rare earths project
Brought to you by Bulls and Bears
Doug Bright
Lindian Resources Limited has taken full control of the Kangankunde rare earth project in the African nation of Malawi, after making an early payment of the final US$10 million (A$15 million) tranche to acquire the remaining 33 per cent stake in the project from Malawian vendor Rift Valley Resource Developments Limited (RVRD).
The transaction now moves the company to 100% ownership of the project, well ahead of its original July 2026 deadline. As Lindian accelerated towards initial production, eliminating the last bit of outside interest in the project simplified management.
The project acquisition, which was first launched in August 2022, has now been completed, bringing Kangankunde’s total cash consideration to US$30 million (A$45 million), paid in four tranches.
The latest payment was initially contingent on Lindian commencing commercial production; The company had the right, but not the obligation, to feature this work. So the decision to do this seems to underscore the company’s financial strength and confidence in its imminent development timeline.
‘Achieving 100% ownership of Kangankunde marks another major milestone in Lindian’s journey.’
Lindian Resources executive chairman Robert Martin
Kangankunde is recognized globally for its scale, outstanding combined rare earth quality and non-radioactive mineralization, which positions the project in the lowest quarter of the cost curve. The first phase is expected to deliver a total of 55 percent premium rare oxide (TREO) monazite concentrate containing no harmful elements.
Lindian Resources executive chairman Robert Martin said: “This structure provides a clear alignment of our operational assets with the latest contracts secured, and with phase one construction progressing rapidly and phase two work well underway, this consolidation provides full strategic and operational control as we move towards first production, one of the rare earth industry’s most significant development projects.”
Since the disclosure of the first indicated and inferred resource of 261 million tonnes containing 2.19 per cent total rare earth oxides (TREO) last year, Kangankunde has strengthened its status as one of the world’s largest undeveloped rare earth deposits.
In recent months, the project has received approval from heavyweight third parties, including a license from global critical minerals player Iluka Resources, through a long-term strategic partnership and offtake agreement with Lindian in August.
Under the agreement, Lindian will supply Iluka with 6,000 tonnes of rare earth concentrate per year for 15 years, which will serve as additional feedstock for Iluka’s Eneabba rare earth refinery, representing approximately 10 percent of Eneabba’s capacity.
In addition, the company’s AU$91.5 million institutional placement at AU$0.21 per share in September was oversubscribed following the announcement of the final investment decision and full financing for the project in late August, with early construction work already underway.
Yesterday’s announcement that Petra Capital had assumed its remaining options expiring in December 2025 for A$5 million also provided additional cash certainty at this critical execution phase.
With its excellent infrastructure, strong government and community support, and exposure to structurally supported neodymium-praseodymium (NdPr) rare earth pricing, Kangankunde looks set to become one of the most important new rare earth mineral resources outside of China.
Lindian now finds itself the full owner and operator of a fully financed, construction-ready, tier-one rare earth asset with perfect timing amid current global tensions and supply uncertainties.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au

