Globe expands african acreage

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Globe Metals & Mining has expanded its rare earth footprint in Africa after acquiring the Salambidwe property in Malawi.

The project forms part of the Chilwa Alkaline Suite in the south of the country which also hosts Globe’s Machinga rare earth project and the Kangankunde deposit.

Globe is earning an 80% interest in Machinga from Resource Star. Salambidwe is located on the border with Mozambique, with about 85% of the complex occurring in Malawi, and initial field work is set to start in the
third quarter of this year.

Globe’s main focus continues to be the multi-commodity (niobium, uranium, tantalum and zircon) Kanyika project in central Malawi where a bankable feasibility study was commissioned in August last
year.

Production is planned to start in 2013 at a rate of 3000 tonnes per annum niobium metal, principally
in the form of ferro-niobium. South African company Thuthuka Group entered into a formal joint venture agreement last year to invest $US10.6 million ($A12.72 million) into Kanyika to earn a 25% stake, which funded around
85% of the cost of the BFS.

Shares in Globe Metals & Mining were up 3.45% in morning trade to A15c.