Primary sourcePeak Rare Earths BFS Update 24 Oct 2022; Tanzania ownership/licence disclosures; Shenghe acquisition disclosures [Sourced 2026-05-02] Sourced
Comparables (REE-matched)1 African M&A · 1 excluded (terminated / non-acquisition — flagged on the screen) — set spans, not market curves · deals · compare assets · data freshnessSourced
Risk read
mining major · insurer — what is the exposure?
Province IC compositeEast African Rift — 5.5/10 Derived
Ownership structureProject entities 84% Peak (now Shenghe-controlled post Sept 2025 scheme) + 16% Government of Tanzania free-carried Sourced
Recent events (record, newest last — tail shown)… struction start not verified in reviewed sources); SML in place; staged downstream concept (initial concentrate export → in-country processing later); operates under Tanzania local-content + state-participation framework Sourced
What this record does not yet support — disclosed, not estimated
Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.
Where the record disagrees with itself
all desks — what is left to reconcile before you rely on a number?
Two divergences located, checked 1 Sep 2026. Each shows what two documents state, on what basis, as at what date. No record states which figure is correct, and none characterises any party's conduct. Method and evidence bar: Divergence Record · machine-readable: /api/v1/divergences.json
What was searched, and what was not. One field: ownership and control, against Peak Rare Earths’ own ASX announcements of 5 and 16 Sep 2025 and this platform’s own record. Not yet searched: reserve/resource, resource M+I, production guidance, capex, NPV, IRR, government take, development stage, operating status, FID timing. One of eleven; an unchecked field is not a clean field. On reserves, the second question — has the claimant’s figure moved — needs Peak’s 2023–25 annual statements and then Shenghe’s SSE disclosures, unread.
Change of control — ours, open, high materialityThis platform’s record describes the owner as Peak Rare Earths ~84% with financing and government terms pending, and nothing else. Peak’s own ASX announcements of Sep 2025 record a scheme under which Shenghe Resources (Singapore), already a 19.70% holder and a subsidiary of Shanghai-listed Shenghe Resources, acquires 100% of Peak at A$0.443 per share (A$195m), and Peak’s rejection of a competing A$240m approach as not superior. Implementation, suspension and delisting are reported in secondary coverage and are not Sourced here; the ASX implementation notice closes them. Our surface describes an ownership position the claimant itself announced it was leaving. A consequence stated without inference: the asset’s disclosure channel has moved from ASX in English to the Shanghai Stock Exchange, and the verification bar does not change because the language did. open
Parent listing — ours, openOur narrative says LSE:PEAK. Peak’s own letterhead says ASX: PEK, ACN 112 546 700, Perth, Western Australia. The same LSE description appears in secondary material consulted, consistent with our error being inherited from a secondary source rather than from any Peak document. A listing venue is the first thing a reader uses to find primary documents; a wrong one sends them to the wrong exchange. open
Findings against the claimantNone located in the one field searched, listed above. Both records are on our side. Not a clean bill on the asset; nothing is claimed about the ten fields not yet searched. Sourced