Shenghe Resources (SHA:600392) subsidiary Chenguang Rare Earth agreed to fully acquire Australia's Peak Rare Earths for AU$158 million.

The acquisition, including the previously held 19.86% equity, aims to accelerate development of the Ngualla rare earth project in Tanzania, according to a Thursday filing with the Shanghai bourse.

The deal is subject to regulatory approvals from China, Tanzania and Australia.

Shares of Shenghe Resources were down 4% in recent trade.