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22.00 -0.50 (-2.22%)

Bid:

21.50

Ask:

22.50

Spread: 1.00 (4.651%)

Market Cap: £153.93m

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IN BRIEF: Rainbow Rare Earth develops extraction flowsheet

Tue, 28th Jun 2022 20:12

Rainbow Rare Earths Ltd - Guernsey-based mining company - Confirms successful development of rare earths extraction flowsheet from the phosphogypsum stacks at its Phalaborwa Project in South Africa. The process was developed in collaboration with K-Technologies Inc, following test work at ANSTO Minerals, Australia, and K-Tech's facilities in Florida.

Chief Executive Officer George Bennett comments: "Working closely with K-Tech, we have been able to identify and confirm a novel process which will allow us to recover valuable rare earth oxides in a low capex and opex manner from phosphogypsum. We are now in the process of jointly patenting this intellectual property with K-Tech and believe it will allow us to secure additional rare earths opportunities, such as the previously announced collaboration with a major chemicals group in South Africa."

Current stock price: 12.86 pence, up 5.0% on Tuesday

12-month change: down 9.8%

By Elizabeth Winter; elizabethwinter@alliancenews.com