Planned Operational Phases
Development Strategy
US$5M Capital raise (Funded by Dr Mathebula)
- Working capital
- Planning and design
- Phase 1 & 2 metallurgical testwork
US$10M Capital raise (Funded by Industrial Development Corporation)
- Phase 1 funding to bulid Metallurgical Plant
- Phase 2 & 3 metallurgical testwork
US$2M Capital raise (Funded by select shareholders and stakeholders)
• Design and construction of the on-site laboratory facility
US $10M Capital Raise (Funded by the Industrial Development Corporation – IDC)
- Phase 1 funding to build a metallurgical plant
- Phase 2 & 3 metallurgical testwork
US$ 2M Capital raise (Funded by select shareholders and stakeholders)
- Project mobilization, reclamation, refurbishment – Phase 1
- Design and construction of the on-site laboratory
2026 – US$6M Capital Raise
Efforts to raise funding for:
- Reclamation project to complete on-site mining infrastructure and preparation to commence early mining from underground resource.
2026 – US$20M Capital Raise
- Efforts to raise funding for the hydrometallurgical processing plant project
Phased Operational Plan
- Completion of on-site laboratory facility August 2026
- Mobilization of mining and processing plant to site
- Refurbishment of decline & shaft area
- Re-equipping of headgear, decline shaft and infrastructure
- Reclamation of equipment, material & loose ore from underground
- Construction of monazite concentration plant
- Phase 2 & 3 metallurgical testwork
- Design and plan Monazite cracking plant
- Change of scope submissions to NNR
- Commence underground mining operations
- Increase production of Monazite concentrate to satisfy production requirements
- Construct and commission Monazite cracking plant to produce cerium and lanthanum depleted mixed rare earth carbonate, Thorium and 228Ra
- Phase 3 metallurgical testwork
- Design and plan rare earth oxide separation plant
- Increase underground mining volumes
- Increase production of Monazite concentrate to satisfy production requirements
- Construct and commission separation plant to produce mixed rare earth oxides
Implementation of Phase 1
The dynamic growth strategy covers producing monazite concentrate with the construction of a monazite concentration plant in phase 1, followed by the construction of a cracking plant to produce cerium depleted mixed rare earth carbonate (CDMREC) and thorium in phase 2. Preliminary investigations and discussions are underway to develop a separation plant to produce individual rare earth oxides (REO’s) in phase 3.
The first phase of a three phase process will involve the mobilisation of mining and processing plant and equipment to the site, refurbishing the decline and shaft area, and re-equipping the headgear and infrastructure. There are ongoing negotiations for the purchase of the concentrate generated from Phase 1 and into Phase 2. The thorium product is traversing well which effectively could fast track Phase 2. Off-take negotiations are ongoing to supply rare earth product to the Far Fast, Europe and USA/Canada, all of which could fast track the development scheduling of the various phase substantially.
The thorium market has changed significantly in recent years. A number of tenders have been issued both locally and internationally for thorium as a nuclear fuel for replacement of uranium. The safety and environmental benefits far overshadow uranium. Thorium isotopes are also in demand for cancer therapy and ongoing discussions are underway to supply Thorium to allow the extraction of these isotopes.
Implementation of Phase 2
The second Phase will involve increased mining volumes and monazite concentrate production and all metallurgical test work, design and planning for the construction and commissioning of a hydrometallurgical plant (monazite cracking plant). This will produce mixed rare earth carbonate (MREC) and thorium. In this phase the design and planning of a RE separation plant will also be undertaken.
Implementation of Phase 3
In Phase three, in 2027 the construction, and 2028 commissioning of the separation plant will be completed to produce mixed RE oxides. Construction is expected to commence once funding is secured by December 2027. Completion of such build is expected to be in 24 months. Construction of the cracking plant commissioning and initial production of MREC and thorium. The period Q4 2026 onwards will see the steady state production of monazite concentrate for sale and as feed to the cracking plant with the production of MREC and thorium and plans to produce individual RE oxides at a later stage.
Development strategy of the mine
Bora Mining Investments (BMI) have acquired shares in the Steenkampskraal Monazite Mine (SMM) for an undisclosed sum as a strategic partner. The partnership enabled operations to commence at the beginning of 2024 to bring the mine back into production during late 2026. A wholly owned subsidiary of BMI will provide the staffing and equipment to commence with the refurbishment, preliminary construction work and mining contract services.
BMI CEO and owner, Dr. Enock Mathebula, is a successful entrepreneur who has developed a group of companies focused on actively supporting the mining industry as contractors for underground, rehabilitation and surface mining operations. His contribution is immense with the provision of numerous social upliftment, training and mentoring programmes.
Our mining partners are a full-service underground and surface mining company specialising in integrated management solutions. Understanding client’s needs, they work to develop innovative approaches and apply high-speed methodologies to both development and production scopes.
