Shenghe Resources announced that its wholly-owned subsidiary, Chenguang Rare Earth, intends to acquire all the ordinary shares issued by Peak Rare Earths Limited through a scheme of arrangement, representing 100% of Peak Rare Earths Limited's total shares. The total consideration for the transaction is AUD 158 million, equivalent to approximately RMB 742.6 million. According to the information, Peak Rare Earths Limited is a publicly listed firm in Australia, established in 2015, with its headquarters in Perth, Western Australia. Its main business is rare earth exploration, development, and production. Its core project is the Ngualla rare earth project located in Tanzania, which has currently obtained a special mining license.