• Harena Resources takes full control of Madagascar rare earths project
• Ampasindava deposit holds 606,000 tonnes of TREO reserves
• Mine construction cost estimated at $143M, output by 2028

Harena Resources announced on Thursday, August 28, that it has acquired the remaining 25% stake in its Ampasindava rare earths project in Madagascar from its parent company, Harena Resources Pty Ltd. The deal gives Harena 100% control of the future mine, which has a budgeted construction cost of $143 million.

Harena is the new name for Citius Resources, a London Stock Exchange-listed company. The name change consolidates the project under its direct ownership, giving it direct exposure to London investment as it seeks to accelerate development.

The Ampasindava deposit holds an estimated 606,000 tonnes of total rare earth oxides (TREO), positioning it as a potential supply source outside of China, the world's leading producer. To realize this potential, Harena is conducting a pre-feasibility study expected to be completed in the third quarter of 2025.

The data from this study will be used in a definitive feasibility study (DFS) scheduled for the first quarter of 2026. The goal is to complete construction of a commercial operation by the second half of 2028, with an estimated annual output of 5,000 tonnes of TREO and a total investment of about $143 million. An environmental and social impact assessment (ESIA) has also begun for the project.

The successful completion of these steps, from feasibility studies to securing construction funding, would position Madagascar as a rare earths supplier, providing a new source of revenue for the state. Madagascar's new mining code, adopted in 2023, guarantees the government a 10% free-carried interest in mining projects, along with a 5% royalty.

Aurel Sèdjro Houenou