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Rainbow Rare Earths Ltd - rare earth element mining in Burundi, East Africa - Announces maiden JORC mineral resource estimate for Phalaborwa project in South Africa, with inferred estimate of 38.3 million tonnes at grade of 0.43% total rare earth oxides.
Estimate is larger than the original 35 mt expected from the gypsum stacks.
High value neodymium and praseodymium oxide - which is used for permanent magnets, represents 29% of the total contained oxides, with an in-situ value of USD95 per tonne.
"The maiden mineral resource estimate for Phalaborwa marks an important milestone for Rainbow, underpinning the opportunity for the rapid development of a low capital and operating cost, high value processing facility in South Africa to provide the essential metals to power the green revolution from an extremely environmentally beneficial project," said Chief Executive Officer George Bennett.
"The fact that the rare earths are present in a chemical rather than mineral form in the gypsum stacks removes the need, as with the majority of global rare earth projects, to firstly produce a mineral concentrate before undertaking a complex and energy intensive 'cracking' process," Bennett added.
Current stock price: 15.25 pence, up 13% Thursday
Year-to-date change: up 42%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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