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Rainbow Rare Earths Ltd - Burundi, East Africa-focussed rare earth element miner - Announces the initial completion of the transaction to acquire the Phalaborwa Rare Earths project. Initial consideration is USD250,000 with two additional tranches of equal amounts paid over the next year.
"The significant body of data available from the historical pilot plant operations continues to show encouraging results and underscores our confidence in this exciting project. We believe Phalaborwa will enable the company to become a very significant producer of neodymium and praseodymium, the two key metals required for the permanent magnets to drive the electric vehicles and wind turbines of the green revolution," says Chief Executive George Bennett.
Current stock price: 9.00 pence
Year-to-date change: up sharply from 3.25p
By Ife Taiwo; ifetaiwo@alliancenews.com
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