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Northern Minerals raises $23.1 million from share placement; closing date extended

Northern Minerals aims to build its Browns Range project in WA into the world’s first significant producer of dysprosium outside of China.

Northern Minerals Ltd - Northern Minerals raises $23.1 million from share placement; closing date extended
The project has several deposits and prospects containing high-value dysprosium and other heavy rare earths

Northern Minerals Ltd (ASX:NTU) has raised a total of $23.1 million to date under a share placement priced at 6.2 cents

The balance of about $6.9 million in subscription funds were not received by the due date of October 31, 2019 but NTU has subsequently agreed to extend the completion date for those subscribers to November 30, 2019.

Browns Range project

Northern Minerals aims to build its Browns Range project in WA into the world’s first significant producer of dysprosium outside of China.

The project has several deposits and prospects containing high-value dysprosium and other heavy rare earths, hosted in xenotime mineralisation.

Dysprosium essential ingredient in advanced magnets

Dysprosium is an essential ingredient in the production of DyNdFeB (dysprosium-neodymium-iron-boron) magnets which are used in clean energy and high-tech solutions.

Pilot plant production of heavy rare earth carbonate has commenced and will continue to assist the company in evaluating the economic and technical feasibility of mining at Browns Range.

Quick facts: Northern Minerals Ltd

Price: 0.06 AUD

ASX:NTU
Market: ASX
Market Cap: $153.33 m
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Full interview: Northern Minerals reveals talks with US government agencies,...

Northern Minerals Ltd (ASX:NTU) CEO George Bauk tells Proactive he recently met US government agencies, who he says wanted to get a better sense of the Australian company's progress with its dysprosium production, and its strategy going forward. Bauk is currently in New York meeting with...

on 21/9/19

2 min read