Aug 12, 2026 · 32 min
Kendrick Resources advances Namibia rare earth project
S11 Ep95: Midweek Takeaway with Colin Bird, Executive Chairman of Kendrick Resources (LSE:KEN) #KEN
The project’s drilling, metallurgy and maiden-resource milestones will determine whether it can become a strategically important non-Chinese rare earth supply source.
- 1Kendrick reports consistent mineralization across Teufels Cooper, but processing tests remain critical to proving its development case.
- 2The maiden resource and economic studies will translate geology into estimates of production, costs and mine sequencing.
- 3Potential Western strategic buyers are already assessing large, processable rare earth deposits as countries seek alternatives to China’s refining dominance.
Don't miss
Colin Bird argues that strategic interest in large, processable rare earth deposits is already underway, before Kendrick publishes its maiden resource or economic studies.
The brief
Colin Bird joins Phil Carroll and Kevin Hornsby to discuss Kendrick Resources’ latest drilling at Teufels Cooper, where consistent mineralization has strengthened the case for a substantial rare earth project.
The geological scale is only the starting point: metallurgy must establish whether uranium, thorium and other elements can be managed while confirming a workable processing route.
Kendrick’s next milestones are processing results and a maiden resource, followed by studies that could define production rates, plant and mining costs, and sequencing.
The conversation frames the project against Mountain Pass and broader rare earth valuations, while asking whether strategic buyers will move before a preliminary economic assessment.
The wider stakes are geopolitical: China dominates rare earth refining, while Western demand for magnets, defense and munitions is increasing pressure to develop alternative supply.
What was said on this episode
16 statements · 15 positive · 1 neutral
Teufelsberg is among the world’s three best undeveloped rare-earth projects.
“We're certainly in the best three undeveloped projects in the world.”
Listen at 4:57
Kendrick expects an initial resource of approximately 50–60 million tonnes.
“we're going to basically get a resource, hopefully of about 50 or 60”
Listen at 8:28
Teufelsberg is located 55 kilometres from a deep-water port.
“We're 55 kilometers away from a very deep port”
Listen at 9:11
Teufelsberg’s grade is expected to be approximately 2.5–3.5%.
“we know we're going to be two and a half to three percent to three and a half percent in that range”
Listen at 11:08
Teufelsberg is expected to be highly workable for processing.
“We're confident that it will be actually, as a processing subject, very workable.”
Listen at 12:00
Teufelsberg’s processing is not hindered by uranium, thorium, or mercury.
“The processability is not an issue, and we're not troubled by uranium, we're not troubled by thorium, and we're not troubled by mercury.”
Listen at 14:38
Kendrick plans to publish a preliminary economic assessment by year-end.
“that's what I want to put out by the end of the year”
Listen at 16:10
Strategic buyers are already pursuing Teufelsberg and K.
“The chase is on”
Listen at 16:56
Teufelsberg’s grade remains broadly stable at greater depth.
“we expected that the grade would tail off as you got into fresh rock deeper. We're not seeing that. The grade isn't tailing off much at all.”
Listen at 19:12
Teufelsberg’s mineralized layers reach 35 metres thickness in places.
“one one silver in places has been as thick as 35 meters”
Listen at 20:53
Mountain Pass is valued at nearly US$8 billion.
“Mountain Pass is the best part of US$8 billion.”
Listen at 22:25
A roughly US$1 billion valuation for Kendrick may be reasonable.
“when you talk of this being an MPB of a billion, it's probably quite reasonable”
Listen at 23:01
Teufelsberg’s processing cost may be approximately $40 per tonne.
“you're probably into the $40 a ton to treat”
Listen at 23:34
Teufelsberg’s geology and mining characteristics are highly predictable.
“It's very predictable.”
Listen at 25:15
Teufelsberg is a world-class rare-earth project.
“This is a world-class project. I stand by that.”
Listen at 26:58
Building a rare-earth refinery typically takes five to six years.
“it takes five or six years to build one of these refineries”
Listen at 30:02
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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