• Lindian launches A$100 million raise for Malawi rare earths project
• Funds to coAfrica’s Next Rare Earths Mine Moves Toward Production, With Early U.S. Engagementmplete Kangankunde mine and expansion feasibility study
• Project could supply global markets amid shift from China dominance

Australian mining company Lindian Resources said on Wednesday it was launching a capital raise of about A$100 million ($69.3 million) to finance the development of its Kangankunde rare earths project in Malawi.

Kangankunde is among the most advanced rare earths projects in Africa and is expected to become the continent’s next producing mine. Rare earths, a group of strategic metals critical to electrification and magnet supply chains, have not been produced at scale in Africa since Burundi’s Gakara mine closed in 2021. While several projects are emerging across the continent, Kangankunde stands out, with production targeted for the fourth quarter of 2026.

Lindian plans to use the proceeds to complete construction without taking on debt. Part of the funds will also finance a definitive feasibility study for a planned expansion, which would increase output from an initial 20,000 tonnes of rare earth concentrate to around 100,000 tonnes.

“We are very pleased with the strong level of institutional support received for this Placement, including significant participation  from high quality  existing  and  new investors,  reflecting  Lindian’s  growing  global  profile  and  the strategic importance of Kangankunde as one of the next rare earths producers to supply emerging global supply chains,” Executive Chairman Robert Martin said.

A potential new rare earths source for Washington

By accelerating Kangankunde’s development, Lindian is positioning itself to secure buyers for its future output. The broader market backdrop is favourable, as major powers seek alternatives to China’s dominant rare earths supply, including in Africa. Like Japan and the European Union, the United States has already invested in projects in Angola, South Africa and Malawi, notably at the Songwe Hill project.

No binding agreements have been announced, but Washington is closely monitoring Kangankunde. Lindian said in late 2025 it had held discussions with White House representatives regarding the project. At this stage, only part of the mine’s future output is covered by offtake agreements, leaving room for additional deals.

The company is also working to secure processing capacity for its concentrates from the outset of operations, including via a processing facility under development in Kazakhstan. Part of the funds raised will also support that facility, with the capital raise expected to close around April 10.

For Malawi, Kangankunde could be transformative. Beyond becoming the continent’s next rare earths producer, the project is seen as a catalyst for developing a mining sector that currently contributes less than 1% of GDP.

No formal equity stake for the Malawian state has been announced. However, the country’s mining code allows it to acquire a free carried interest in large-scale mining projects. Expected benefits also include tax revenues and job creation.

Aurel Sèdjro Houenou