Peak Rare Earths Limited (ASX: PEK) has announced the successful acquisition of freehold title over its 19-hectare Teesside site from Homes England. The land holding is located within the Wilton International Site, near Middlesbrough, UK.
The acquisition of freehold follows the exercise of a £1,858,712 option to enter a 250-year lease in May 2021. The benefits of freehold title over a long-term lease include supporting a higher land value and greater flexibility around future development opportunities as well as exit options.
Peak was previously focused on the development of a rare earth refinery at Teesside in parallel with its Ngualla Rare Earth Project. However, the Teesside site is no longer regarded as a core asset.
Further, since entering into the option agreement in July 2018, the Wilton International Site and broader Teesside area has established itself as an emerging green energy hub. Peak’s site is strategically positioned within the Teesside designated freeport and within 3km of the deep-water Teesport. It also benefits from existing access to reliable competitively priced power, utilities, and services.
To find out more, please visit www.peakrareearths.com
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