TIDMRBW

RNS Number : 9244H

Rainbow Rare Earths Limited

09 August 2021

Rainbow Rare Earths Limited

("Rainbow" or the "Company")

(LSE: RBW)

9 August 2021

Director Dealing

The Company was informed that J. Peter Pham, Non-Executive Director, purchased 250,000 ordinary shares of no par value each in the Company ("Ordinary Shares") at a price of 13.5 pence per share on 6 August 2021.

As a result of this transaction the beneficial ownership of J. Peter Pham in the Ordinary Shares of the Company is as follows:

 
                    Total shares held prior      Total shares held post 
                         to transaction                transaction 
                               No           %              No          % 
                 ----------------  ----------  --------------  --------- 
 J. Peter Pham                  -           -         250,000      0.05% 
                 ----------------  ----------  --------------  --------- 
 
 
 1.     Details of the person discharging managerial responsibilities/person 
         closely associated 
  (a)   Full name                   J. Peter Pham 
         of person 
         Dealing 
       --------------------------  ------------------------------------------- 
 2.     Reason for notification 
       ----------------------------------------------------------------------- 
  (a)   Position/status             Non-Executive Director 
       --------------------------  ------------------------------------------- 
  (b)   Initial notification/       Initial notification 
         Amendment 
       --------------------------  ------------------------------------------- 
 3.     Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ----------------------------------------------------------------------- 
  (a)   Name of entity              Rainbow Rare Earths Limited 
       --------------------------  ------------------------------------------- 
  (b)   LEI                         213800HONYSAXTG6KS11 
       --------------------------  ------------------------------------------- 
 4.     Details of the transaction(s): section to be repeated 
         for (i) each type of instrument; (ii) each type of 
         transaction; (iii) each date; and (iv) each place where 
         transactions have been conducted 
       ----------------------------------------------------------------------- 
  (a)   Description                 Ordinary Shares of no par value each 
         of the financial 
         instrument, 
         type of instrument 
       --------------------------  ------------------------------------------- 
  (b)   Identification              GG00BD59ZW98 
         code 
       --------------------------  ------------------------------------------- 
  (c)   Nature of                   Purchase of Ordinary Shares 
         the transaction 
       --------------------------  ------------------------------------------- 
  (d)   Price(s)                     Prices(s)   Volume(s) 
         and volume(s)                  13.5p      250,000 
                                                 ---------- 
       --------------------------  ------------------------------------------- 
  (e)   Aggregated 
         information:                 N/A single transaction 
         - Aggregated 
         volume 
         - Price 
       --------------------------  ------------------------------------------- 
  (f)   Date of transaction         6 August 2021 
       --------------------------  ------------------------------------------- 
  (g)   Place of                    London Stock Exchange 
         transaction 
       --------------------------  ------------------------------------------- 
 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

**ENDS**

For further information, please contact

 
 Rainbow Rare                      George Bennett 
  Earths 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                       Fergus Mellon       rainbowrareearths@flagstaffcomms.com 
  Communications 
                                   ------------------  -------------------------------------- 
 

Notes to Editors:

Rainbow's strategy is to become a globally-significant producer of rare earth metals. NdPr 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 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 dumps derived from historic phosphate hard rock mining. High value NdPr 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, which produces one of the highest-grade concentrates in the world (typically 54% total rare earths oxides ("TREO")) through ongoing trial mining operations, is currently the only African producer of rare earths. The Gakara basket is weighted heavily towards NdPr, 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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(END) Dow Jones Newswires

August 09, 2021 02:00 ET (06:00 GMT)

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