St George Mining agrees to extend sale agreement for Araxá Niobium-REE Project | ASX:SGQ

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Last updated: 12:03 05 Nov 2024 AEDT, First published: 12:00 05 Nov 2024 AEDT

St George Mining Ltd (ASX:SGQ) has agreed to hold back its enthusiasm, accepting an extension of time to finalise the acquisition of the Araxá Niobium-Rare Earth Element Project in Minas Gerais, Brazil.

St George and Itafos Inc agreed to the extension to allow for more time to negotiate certain amendments to the sale agreement and satisfaction of the required conditions for the transaction’s completion.

SGQ expects the key terms of the agreement to be largely unchanged, but the transaction is now expected to close by the first quarter of 2025.

“Even though it is taking us longer to finalise the acquisition of the Araxá Project it has done nothing to curb our enthusiasm for what is an excellent opportunity to acquire a significant niobium and REE project, which we believe will drive long-term sustained value for shareholders,” St Geroge Mining executive chair John Prineas said.

“While we progress towards completion, we have been busy implementing several initiatives to ensure a strong platform from which to launch our on-the-ground work at the project once we take control.

“In August, we welcomed Thiago Amaral and Adriano Rios to our Brazil-based executive team.

“Both are former senior executives of the world’s leading niobium producer, CBMM, and have a combined 40 years of experience in niobium mining and the Araxá region.

“Last week, we were delighted to sign a Memorandum of Understanding with the State of Minas Gerais pursuant to which the State will assist to expedite project approvals for the Araxá Project.

“The expected closing of the acquisition is likely to be in Q1 2025 as the company works with Itafos to finalise arrangements for completion of the transaction.

“We look forward to reporting more exciting developments with the project in the coming weeks.”

Read: St George Mining partners with state authorities to accelerate Araxá Niobium-REE Project in Minas Gerais, Brazil