Minerals Group Ltd Will Announce The Results of Its Preliminary Economic Assessment

Great Western Minerals Group Ltd said that it will announce the results of its preliminary economic assessment in January 2013. The company said that while it had targeted the fourth quarter of 2012 to announce the results of its PEA, the document’s relative complexity and Great Western’s decision to undertake a revised resource estimate, extended the timeframe for the release.

Great Western also said that its search committee is in the final stages of the selection process for a new CEO and anticipates an announcement early in 2013.

Mr Robert Quinn CEO said that "We realize the past months have been a trying time for investors. Company management is aware of the impact of slippages from previously announced time targets. We remain committed to executing our plan that will create one of the most highly integrated rare earth companies outside of China.”

Great Western is a rare earth processor, whose specialty alloys are used in the magnet, battery, defence and aerospace industries.

Produced at the company’s subsidiaries Less Common Metals in Birkenhead, UK and Great Western Technologies in Troy, Michigan, these alloys contain aluminum, nickel, cobalt and rare earth elements.

As part of its vertical integration strategy, Great Western also holds 100% of Rare Earth Extraction Co. Limited, which owns a 74% equity stake in the Steenkampskraal mine in South Africa. 

The former producing Steenkampskraal mine is under development through refurbishment, as the company builds a rare earth mixed chloride plant and a rare earth solvent extraction separation plant near the mine.

In an update of operations, the company said that during the development of the basic assessment report on the land where it plans to construct its Vredendal separation plant, it decided to increase the amount of land designated for the project. 

As a result of the site expansion, a road transport study was needed. Great Western said it anticipates the expanded report will be submitted to the South African Department of Environmental Affairs and Development Planning by mid-February 2013. 

In addition, a Land Use Planning Ordinance application is underway and is expected to be completed by the end of the first quarter of 2013.