Rainbow Rare Earths Limited Reported civil unrest in South Africa (4344F)
16 Julio 2021 - 01:00AM
UK Regulatory
TIDMRBW
RNS Number : 4344F
Rainbow Rare Earths Limited
16 July 2021
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
16 July 2021
Statement with regard to the reported civil unrest in South
Africa
Rainbow Rare Earths Ltd would like to make the follow statement
with regard to the reported civil unrest in South Africa.
George Bennett Chief Executive commented:
We note the recent reports of civil unrest in South Africa and
would like to confirm that work continues unabated on our
significant exciting rare earth project at Phalaborwa , South
Africa, which has been unaffected by this unrest.
Our development of the opportunity is continuing with an
optimised process flow sheet based on the successful Sasol flow
sheet, as a result of our ongoing metallurgical test-work at ANSTO
in Australia. The market will be updated on the optimisation
results confirming the successful extraction of these rare earths
from the +/- 38 million tonnes of gypsum contained in the two
residue stacks at Phalaborwa once available.
All property rights remain intact in South Africa as well as any
mineral rights where applicable
For further information, please contact
Rainbow Rare George Bennett
Earths Ltd Company Pete Gardner +27 82 652 8526
Ewan Leggat
SP Angel Corporate Charlie
Finance LLP Broker Bouverat +44 (0) 20 3470 0470
--------- ---------------- --------------------------------------
Flagstaff Strategic Tim Thompson +44 (0) 207 129 1474
and Investor Mark Edwards 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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