ASX-listed Lindian Resources has completed the final $10-million tranche under its share sale agreement to acquire the remaining 33% of Rift Valley Resource Developments.

The payment increases Lindian’s interest in Rift Valley Resource Developments from 67% to 100%, giving the company complete legal and beneficial control of the Kangankunde rare earths project in Malawi.

Lindian stated on December 10 that this final tranche was originally due once commercial production at Kangankunde began, or by July 2026, but the company had the right to pay earlier and elected to do so.

The company said it had completed all required legal, tax and accounting due diligence processes before concluding the final payment, adding that these steps ensured compliance with obligations associated with the transaction and enabled a smooth transfer of full ownership.

Lindian agreed in August 2022 to acquire Rift Valley Resource Developments for a total of $30-million. The agreement provided for four tranches to be paid over a 48-month period.

The first tranche of $2.5-million was paid as a non-refundable deposit in August 2022, followed by a second tranche of $7.5-million in September 2022 following shareholder approval. A third tranche of $10-million was completed in July 2023, increasing Lindian’s holding to 67%. The final tranche of $10-million, now paid ahead of schedule, completes the acquisition.

Lindian noted that securing 100% ownership provided the company with direct control of one of the largest rare-earth deposits under development. The company said this also aligned all operational entities as construction of Stage 1 progressed and studies for Stage 2 continued.

“Achieving 100% ownership of Kangankunde marks another important milestone in Lindian’s journey.

“This structure provides clear alignment of our operational entities under which recent contracts have been secured, and with Stage 1 construction advancing rapidly and Stage 2 studies well under way, this consolidation provides full strategic and operational control as we move toward first production on what is one of the rare-earth industry’s most significant development projects,” Lindian Resources executive chairperson Robert Martin said.