{"id":4199,"date":"2024-01-10T02:54:41","date_gmt":"2024-01-10T02:54:41","guid":{"rendered":"https:\/\/economicherald.net\/?p=4199"},"modified":"2024-01-10T02:54:41","modified_gmt":"2024-01-10T02:54:41","slug":"rarex-teams-up-with-newhaul-for-cummins-range-haulage","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4199","title":{"rendered":"RareX teams up with Newhaul for Cummins Range haulage"},"content":{"rendered":"

RareX subsidiary and Newhaul form a JV company to provide haulage to Cummins Range REE and phosphate project
\nTerm sheet provides a path to definitive costs and a haulage contract
\nComplements existing product storage and infrastructure sharing agreements<\/p>\n

\u00a0<\/p>\n

Special Report:<\/em> RareX has announced its subsidiary, Cummins Range Company, has partnered with Newhaul to provide product haulage and logistical support for the Cummins Range rare earth and phosphate project in WA. <\/strong><\/p>\n

The project is the largest undeveloped REE project in Australia, with an indicated and inferred resource of 519Mt at 0.31% total rare earth oxides (TREO) and 4.6% P2O5 (phosphate) for a contained 24Mt of phosphate and 1.6Mt TREO.<\/p>\n

It also benefits from having a phosphate dominant overburden material that can be monetised as a direct shipping ore (DSO) material.<\/p>\n

Cummins Range Company and Newhaul have now executed a binding term sheet to form a Joint Venture company and provides a commitment to negotiate a long-form haulage contract.<\/p>\n

RareX (ASX:REE)<\/strong><\/a> says this partnership complements its strategic land option for product storage facilities at Wyndham Port<\/a>, and the infrastructure sharing agreement<\/a> for the bulk minerals loading facility (BLF) owned by Kimberley Metals Group.<\/p>\n

\u00a0<\/p>\n

Data-driven haulage management<\/strong><\/h2>\n

Newhaul is a logistics specialist with extensive experience in providing haulage capability for resource projects.<\/p>\n

They bring exceptional indigenous engagement, operational discipline, and data-driven haulage management experience to the project \u2013 along with a clear roadmap for the decarbonisation of their haulage fleet.<\/p>\n

\u201cWe\u2019re very pleased to have partnered with Newhaul in this way,\u201d REE CEO James Durrant said.<\/p>\n

\u201cNewhaul has a proven operational track record and their commitment to indigenous employment and sensitive, efficient and data- driven operations is impressive and strongly aligned to the values of the team at RareX.\u201d<\/p>\n

\u00a0<\/p>\n

Joint Venture partnership on the cards<\/h2>\n

The term sheet lays out the binding obligations to define forecast operational costs in support of the project\u2019s Definitive Feasibility Studies and to reach a binding haulage contract before the end of FY24.<\/p>\n

The timing should line up with REE\u2019s plans to commence mining of the rock phosphate in late 2025 before the construction of a beneficiation plant to produce magnet grade rare earths (in monazite) and battery grade phosphates (in apatite) in 2028.<\/p>\n

Notably, the term sheet with Newhaul also provides an option for Cummins Range Company to enter into the JV by acquiring 50% of the shares in JV Co for $1 plus the value of the tangible assets of the JV Company \u2013 minus the liabilities.<\/p>\n

The option is exercisable subject to at least 500,000 tonnes of product from the project having been hauled by JV Company under the haulage agreement in any consecutive 12-month period.<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with RareX, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post RareX teams up with Newhaul for Cummins Range haulage<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

RareX subsidiary and Newhaul form a JV company to provide haulage to Cummins Range REE and phosphate project Term sheet provides a path to definitive [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":4200,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nRareX teams up with Newhaul for Cummins Range haulage - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=4199\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RareX teams up with Newhaul for Cummins Range haulage - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"RareX subsidiary and Newhaul form a JV company to provide haulage to Cummins Range REE and phosphate project Term sheet provides a path to definitive [more...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/economicherald.net\/?p=4199\" \/>\n<meta property=\"og:site_name\" content=\"Economic Herald\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-10T02:54:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/01\/2024-01-10-REE-ahhuEJ.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4199#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4199\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"RareX teams up with Newhaul for Cummins Range haulage\",\"datePublished\":\"2024-01-10T02:54:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4199\"},\"wordCount\":496,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4199#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/2024-01-10-REE-ahhuEJ.jpeg\",\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/economicherald.net\\\/?p=4199#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4199\",\"url\":\"https:\\\/\\\/economicherald.net\\\/?p=4199\",\"name\":\"RareX teams up with Newhaul for Cummins Range haulage - 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