Lindian Resources CFO Teck Lim talked with Proactive about the significant upgrades to the Kangankunde rare earths project in Malawi, following a detailed optimisation of the flow sheet.
Lim said the company reported stronger economics across key project metrics compared to its July 2024 feasibility study. “These are fantastic project metrics which really confirm and reconfirm the robustness of the Kangankunde project,” he said.
On a real basis pre-tax, the Net Present Value (NPV) has increased by AUD 536 million, rising from AUD 1.18 billion to AUD 1.71 billion. The Internal Rate of Return (IRR) has also improved substantially, from 99% to 142%. Lim highlighted these figures as signs of a robust and value-generating asset.
Annual production is also expected to rise significantly, from 15,300 tonnes of monazite concentrate to 20,000 tonnes, driven by process design enhancements. The concentrate will contain about 55% Total Rare Earth Oxide, attracting interest from global refiners.
Lim said Obsidian had been selected for the design and construction of the Stage One processing plant following a competitive tender. The contractor brings recent commissioning experience and has provided process guarantees. Lindian has already completed early works and expects mobilisation of Obsidian to begin early in 2026.
Changes to the flow sheet include a shift to single-stage crushing, the removal of flotation, and the addition of spirals and a regrind mill. While production volumes increase, capital expenditure remains unchanged at around USD 40 million.
Lim also confirmed the company has appointed Lycopodium to study Stage Two expansion from 50,000 to 100,000 tonnes per annum, further positioning Kangankunde for scale-up.
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