Harena Resources (LSE:HREE) executive chair Ivan Murphy spoke with Proactive about the company’s progress at the Ampasindava rare earths project in Madagascar.
With ionic clay mineralisation and a JORC-compliant resource already in place, the company is moving toward production and engaging with strategic partners in the US and UK.
Let's take a closer look at what was said:
Joining me in the studio today is Harena Resources Executive Chairman Ivan Murphy. Ivan, very good to have you in the studio.
Ivan Murphy: Thanks for having me. Good to see you.
Proactive: For investors new to Harena, can you start by explaining what sets the company apart in the critical minerals space and why rare earths, especially ionic rare clays, are so strategically important right now?
Ivan Murphy: What sets us apart is that we are an ionic clay rare earth project. That’s the key differentiator. China dominates the rare earths space because of its ionised clays — they’re easier to extract and refine. Our mineralisation is the same, which means no blasting or crushing rock. That simplicity makes us different. We also have a very large resource. Rare earths aren’t that rare — it’s rare to extract them efficiently, and that’s where the value lies.
Proactive: The Ampasindava project in Madagascar is described as one of the most significant ionic clay rare earth deposits outside of China. Can you give us a sense of its scale and strategic importance?
Ivan Murphy: That description comes from SGS, which did our independent survey and JORC resource. We’ve got 600,000 tonnes of total rare earth oxides, already JORCed and ready for production. We're not an exploration project. Within a short period, we can contribute to the supply of rare earths outside of China.
Proactive: How are you advancing the project technically and environmentally?
Ivan Murphy: We've completed our pre-feasibility study, which supports our license upgrade process. We’re submitting that shortly. We're also continuing test work and preparing to move toward a full feasibility study and proof of concept.
Proactive: RAB Capital has doubled its stake. How will those funds be used?
Ivan Murphy: It's a major vote of confidence, particularly in the UK. We also have US institutional investors from our August round. RAB’s support, given their history in mining and rare earths, is significant. The funds will support license applications, on-the-ground test work, infrastructure development, and community engagement.
Proactive: You've mentioned the US and an upcoming OTCQB listing. How do you view US investors and markets?
Ivan Murphy: The US is aggressively securing critical mineral supply chains outside China. We've applied for OTCQB listing, which will give us investor access and signal our strategic alignment. We've already started engagement with US agencies and are seeing the US government fund projects in Brazil, Africa, and Greenland. I’ve been in DC twice in the last five weeks to progress those discussions.
Proactive: How about the geographical importance of the project's location?
Ivan Murphy: We're in the north of Madagascar, on the coast. That gives us saline water for processing and close access to a port. Infrastructure can be challenging in Africa, but our coastal location helps a lot. We’re well placed to export.
Proactive: As you settle into your role, what key milestones should investors watch over the next 6 to 12 months?
Ivan Murphy: Securing the license upgrade is key. We’ll also submit and eventually publish our pre-feasibility study. We’re working to identify the right US agency or partner. The OTC listing is another catalyst — we’re still under the radar in valuation terms, but that’s changing. With institutions like RAB and Wexford Capital on board, we’re positioned well.