Kimberley Rare Earths Limited (KRE) listed on the Australian Securities Exchange in May 2011 having raised approximately $18.2m under an oversubscribed IPO. KRE owns 25% of the Cummins Range rare earths project which has a JORC compliant inferred resource of 4.17MT at an average grade of 1.72% TREO together with advanced exploration targets. KRE plans to pursue an aggressive $10m exploration programme over the next two years to increase its equity in the project to 55%. KRE has also secured 40% of the mineral rights to the Malilongue heavy rare earths exploration project in Mozambique.