Harena Resources (LSE:HREE) managing director Joe Belladonna talked with Proactive's Stephen Gunnion about the company's Ampasindava Project in Madagascar, a significant ionic clay rare earths resource positioned to meet growing global demand.
Harena is advancing a large-scale JORC-compliant project with a focus on magnet metals, including neodymium, praseodymium, dysprosium, and terbium. Belladonna highlighted the project's strategic location, stating, "Madagascar is right on the doorstep of Europe. We can go across to Australia or Asia, or through the canals to the US."
The company aims to produce a high-quality carbonate product from Ampasindava, serving markets worldwide. Belladonna noted that Ampasindava stands out due to its independence from China and the US, ensuring flexibility in supplying critical rare earth elements.
In discussing market dynamics, Belladonna emphasised the impact of Chinese export restrictions, spotlighting a heightened need for secure supplies of magnet metals essential for applications such as AI-enabled robotics and defence technologies.
Harena Resources recently reported that the Ampasindava deposit offers a mine life exceeding 100 years, with simple processing methods leading to high recoveries of rare earths. The company is progressing a pre-feasibility study to transition its current exploration license to a mining licence.
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