Rainbow Rare Earths Limited Appointment of Stifel as Joint Broker (7684Z)
16 Enero 2024 - 1:00AM
UK Regulatory
TIDMRBW
RNS Number : 7684Z
Rainbow Rare Earths Limited
16 January 2024
16 January 2024
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Appointment of Stifel as Joint Broker
Rainbow Rare Earths is pleased to announce the appointment of
Stifel Nicolaus Europe Limited ("Stifel") as joint broker to the
Company with immediate effect. Stifel will work alongside Rainbow's
incumbent broker, Berenberg, Gossler & Co KG ("Berenberg"), to
further broaden the Company's share register and investor access
globally as it progresses the Phalaborwa rare earths development
project in South Africa and the earlier stage Uberaba project in
Brazil.
George Bennett, CEO of Rainbow, commented: "The appointment of
Stifel is a positive step forward in the development of Rainbow,
the Phalaborwa project and our project pipeline. Stifel has deep
industry experience within the natural resources space, as well as
global operations. Their franchise within North America will be
particularly relevant to Rainbow as we continue to grow our
presence in the region, further to the U.S. Government's backing of
the Phalaborwa project via the investment commitment from the U.S.
International Development Finance Corporation (DFC) and TechMet
Limited, as announced at COP28 in Dubai last month."
For further information, please contact:
Rainbow Rare Earths George Bennett
Ltd Company Pete Gardner +27 82 652 8526
IR Cathy Malins +44 7876 796 629
cathym@rainbowrareearths.com
Matthew Armitt
Berenberg Broker Jennifer Lee +44 (0) 20 3207 7800
Ashton Clanfield
Stifel Broker Varun Talwar +44 20 7710 7600
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk
Notes to Editors:
About Rainbow:
Rainbow Rare Earths aims to be a forerunner in the establishment
of an independent and ethical supply chain of the rare earth
elements that are driving the green energy transition. It is doing
this successfully via the identification and development of
secondary rare earth deposits that can be brought into production
quicker and at a lower cost than traditional hard rock mining
projects, with a focus on the permanent magnet rare earth elements
neodymium and praseodymium, dysprosium and terbium.
The Company is focused on the development of the Phalaborwa Rare
Earths Project in South Africa and the earlier stage Uberaba
Project in Brazil. Both projects entail the recovery of rare earths
from phosphogypsum stacks that occur as the by-product of
phosphoric acid production, with the original source rock for both
deposits being a hardrock carbonatite. Rainbow intends to use a
proprietary separation technique developed by and in conjunction
with its partner K-Technologies, Inc., which simplifies the process
of producing separated rare earth oxides (versus traditional
solvent extraction), leading to cost and environmental
benefits.
The Phalaborwa Preliminary Economic Assessment has confirmed
strong base line economics for the project, which has a base case
NPV(10) of US$627 million[1], an average EBITDA operating margin of
75% and a payback period of < two years. Pilot plant operations
commenced in 2023, with the project expected to reach commercial
production in 2026, just five years after work began on the project
by Rainbow.
More information is available at www.rainbowrareearths.com .
[1] Net present value using a 10% forward discount rate
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END
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January 16, 2024 02:00 ET (07:00 GMT)
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