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RareX completes Kincora asset divestment in exchange for a board seat and 40m CDIs | Stockhead Special Report

Divestment of 35% interest in Kincora assets completed

RareX chair Jeremy Robinson joins KCC board as a non-exec director

Company to retain exposure to the NSW copper assets as a major shareholder in KCC

Special Report: RareX has divested its 35% interest in the Trundle, Fairholme, Jemalong, Cundumbul and Condobolin exploration licences in NSW to its JV partner Kincora Copper, gaining a board seat and retaining exposure to the assets.

Kincora has eight projects covering 2,367km2 within NSW’s world-class gold-copper mineral belts in a Tier-1 mining jurisdiction.

Meanwhile, RareX (ASX:REE) is focused on advancing its Cummins Range phosphate-rare earths project in WA – the largest undeveloped REE project in Australia.

The company is planning a low-cost, Stage 1 pre-strip development that will deliver production of an initial 300,000tpa of direct shipping ore phosphate to de-risk the expected 550,000tpa of higher value phosphate-rare earth dual mineral concentrate produced under a Stage 2 beneficiation operation.

RareX recently secured vital port space at Wyndham for production storage and transport to market, further de-risking the project.

As part of the agreement, the company has been issued 40 million Kincora Chess Depositary Interests (CDIs) and a 1% Net Smelter Return Royalty (NSR) – making it one of Kincora Copper’s (ASX:KCC) shareholders with RareX chair Jeremy Robinson also joining the KCC board as a non-executive director.

RareX CEO James Durrant says the strategic transaction provides KCC with the opportunity to secure asset-level JV partners to develop its copper-focused portfolio.

“In return, RareX gains a significant shareholding in Kincora and continued involvement via a board seat,” Durrant says.

“We look forward to our continued involvement with Kincora as they progress the development of this exciting asset portfolio.”

Kincora is progressing discussions and negotiations with potential third-party asset level partners for its NSW porphyry portfolio, including project level funding and other corporate transaction structures.