TIDMRBW
RNS Number : 6961W
Rainbow Rare Earths Limited
22 August 2022
22 August 2022
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Rainbow enters into Rare Earths Extraction Master Agreement
Rainbow Rare Earths ("Rainbow") announces that it has entered
into a Master Agreement ("Agreement") with OCP S.A. ("OCP"), the
Moroccan world leading producer of phosphate products, and Mohammed
VI Polytechnic University ("UM6P"), a Moroccan university with a
strong focus on science, technology and innovation, (together, the
"Parties") to further investigate and develop the optimal technique
for the extraction of rare earth elements from phosphogypsum.
Phosphogypsum contains rare earths as a by-product of phosphoric
acid production. OCP together with the innovative research carried
out by UM6P, have built up significant IP assets, know-how and
expertise in the field of phosphogypsum processing. This provides a
synergistic opportunity for joint development with Rainbow, given
Rainbow's expertise and intellectual property on rare earths
extraction and processing gained from work carried out to date at
Phalaborwa completed with the separation technolog licensed from
K-Technologies, Inc. ("K-Tech") , the process technologies company
based in Florida, USA. OCP and UM6P will contribute with their
respective expertise, including adapted complementary separation
technologies.
The Parties intend to develop the optimal route for the
extraction of rare earths from phosphogypsum, and the subsequent
processing of these rare earths into separated elements. The
Parties intend to work together on the development of pilot and
industrial-scale extraction of rare earths from phosphogypsum.
Rainbow Rare Earths CEO, George Bennett, commented: "We are
delighted to enter this Agreement with such innovative partners and
believe their significant knowledge of phosphogypsum processing
fits well with our own technical expertise in rare earths
processing.
Recognising the enormous potential of phosphogypsum as a
valuable source of rare earths, our team is focused on securing
opportunities for both collaboration and expertise sharing, as well
as gaining access to new supply as shown by our recently announced
agreement with a diversified chemicals group in South Africa.
The successful global transition to clean energy is reliant on a
considerable increase in supply of critical materials such as NdPr,
required in permanent magnet technology, and we are therefore
continually exploring the best way of producing rare earths
responsibly from secondary sources, which removes significant time,
risk and cost from the overall project timeline."
Market Abuse Regulation ("MAR") Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
**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
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk
About Mohammed VI Polytechnic University
Mohammed VI Polytechnic University is a pan-African hub of
education, research, innovation and entrepreneurship, aspiring to
become a solid bridge of knowledge between Morocco, Africa and the
world.
Located in the "Mohammed VI Green City" in Benguerir, with
branches in Rabat and Laayoune, UM6P applies a "learning by doing"
approach and develops sound partnerships with world-wide class
universities and industries, to promote leadership and training in
focused research areas.
UM6P specializes in different scientific fields including
industrial management, mining, chemistry, engineering, agriculture,
solar and renewable energy as well as social sciences.
About OCP S.A.
OCP is a major global company specializing in the mining,
refining, processing, manufacturing, commercialization, marketing,
and development of rock phosphate, phosphoric acid and
phosphate-based fertilizers.
OCP and its Group has developed within its different departments
and affiliates, significant intellectual propriety assets, know-how
and expertise in innovative processes in the phosphate value chain,
fertilizers and in the field of the Project.
Notes to Editors:
Rainbow's strategy is to become a globally significant producer
of rare earth metals. NdPr and Dy 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 increasing adoption of green
technology, pushing the overall market for NdPr and Dy into
deficit.
The Phalaborwa Rare Earths Project, located in South Africa,
comprises an Inferred Mineral Resource Estimate of 38.3Mt at 0.43%
TREO contained within gypsum tailings stacked in unconsolidated
stacks derived from historic phosphate hard rock mining. High value
NdPr oxide represents 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 in the stacks.
The rare earths are contained in chemical form in the gypsum
stacks, which is expected to allow high-value separated rare earth
oxides to be produced 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 rare earth concentrates in the world (typically 54%
total rare earths oxides ("TREO")) through trial mining operations.
The Gakara basket is weighted heavily towards NdPr, which account
for approximately 19.5% of the contained TREO and 85% of the value
of the concentrate. The Gakara project is currently on care and
maintenance at the request of the Government of Burundi.
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END
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