St George Mining shareholders overwhelming support Araxá Niobium-REE Project acquisition

St George Mining Ltd has received overwhelming shareholder support for the proposed acquisition of the high-grade niobium-REE Araxá Project “in the world’s ‘dress circle’ for niobium production” in Minas Gerais, Brazil.

At a General Meeting of shareholders in Perth on Tuesday afternoon, all resolutions to enable the acquisition of the Araxá Project were approved, giving the company a mandate to unlock the project’s world-class potential.

Enormous opportunity

St George Mining’s executive chairman John Prineas said: “The high-grade niobium-REE Araxá Project represents an enormous opportunity for St George to potentially become a globally significant player in the niobium sector.

“The project is in the world’s ‘dress circle’ for niobium production, where the world-leader CBMM has been producing niobium products for more than 40 years. This enviable location provides St George with a ready platform to accelerate development of the project.”

St George expects to complete the acquisition of the Araxá Project in the coming days, with financial completion of the transaction scheduled for February 24, 2025.

In prolific region

In anticipation, the company has assembled a highly experienced in-country team and established relationships with key authorities and parties in Brazil to drive the project through exploration work and development studies.

Araxá is adjacent to CBMM’s world-leading niobium mining operations and extensive high-grade niobium and REE mineralisation at the project have been confirmed by past drilling.

High-grade mineralisation begins at surface and more than 500 intercepts of high-grade niobium (>1% Nb2O5) with grades up to 8% Nb2O5 plus rare earths with grades up to 33% TREO have been returned.

The region around the project has a long history of commercial niobium production and provides access to infrastructure and a skilled workforce. St George has negotiated government support for expedited project approvals.

On-ground work plans

“St George has already assembled a highly experienced in-country team in Brazil – including some of the industry’s leading experts in niobium mining and processing – to drive exploration work and development studies,” Prineas said.

“We are delighted that our shareholders – as well as new investors – have recognised the outstanding opportunity that the Araxá Project presents for St George to create substantial, long-term value.

“We also appreciate shareholders’ patience as we worked hard to build the value of the Araxá acquisition since we first announced our plans last year.

“With on-ground work – including drilling and metallurgical test work – set to commence as soon as we complete the formalities of the acquisition, we look forward to providing shareholders with exciting news as we move quickly to prove up the development potential at Araxá.”