Rainbow Rare Earths Limited Retirement of Non Executive Director (1178Z)
20 Enero 2022 - 07:00AM
UK Regulatory
TIDMRBW
RNS Number : 1178Z
Rainbow Rare Earths Limited
20 January 2022
20 January 2022
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Retirement of Non-Executive Director
Rainbow Rare Earths, the rare earths company with assets in
South Africa and Burundi, today announces that Robert Sinclair, a
Non-Executive Director who has been on the Board of Rainbow since
the incorporation of the Company in 2011, will retire with
immediate affect due to health reasons.
Rainbow Rare Earths Chairman, Adonis Pouroulis, commented:
"I would like to thank Robert for the considerable contribution
he has made to Rainbow during his years of service. Robert has
added a considerable amount of value to the Board since we founded
the Company in 2011. On behalf of the Rainbow team, we wish him
full recovery and good health and all the best for his future
endeavours."
**ENDS**
For further information, please contact:
Rainbow Rare Earths George Bennett
Ltd Company Pete Gardner +27 82 652 8526
SP Angel Corporate Ewan Leggat
Finance LLP Broker Charlie Bouverat +44 (0) 20 3470 0470
Flagstaff Strategic Tim Thompson +44 (0) 207 129 1474
and Investor Communications Fergus Mellon rainbowrareearths@flagstaffcomms.com
Notes to Editors:
Rainbow Rare Earth's strategy is to become a globally
significant producer of rare earth metals. Nd/Pr are vital
components of the strongest permanent magnets used for the motors
and turbines driving the green technology revolution. Analysts are
predicting demand for magnet rare earth oxides will grow
substantially over the coming years, driven by accelerating the
adoption of green technology, pushing the overall market for Nd/Pr
into deficit.
The Phalaborwa Rare Earths Project, located in South Africa,
comprises an Inferred Mineral Resource Estimate of 38.3Mt at 0.43%
total rare earths oxides ("TREO") contained within gypsum tailings
stacked in unconsolidated dumps derived from historic phosphate
hard rock mining. High value Nd/Pr oxide represent 29.1% of the
total contained rare earth oxides, with economic Dysprosium and
Terbium oxide credits enhancing the overall value of the rare earth
basket contained in the stacks. The rare earths are contained in
chemical form in the gypsum dumps, which is expected to deliver a
higher-value rare earth carbonate, with lower operating costs than
a typical rare earth mineral project.
The Company's Gakara Project in Burundi has produced one of the
highest-grade concentrates in the world (typically 54% TREO)
through trial mining operations. The Gakara basket is weighted
heavily towards Nd/Pr, which account for over approximately 19.5%
of the contained TREO and 85% of the value of the concentrate.
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END
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