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Rainbow Rare Earths Ltd - South Africa and east Africa-focused rare earth oxide producer - Celebrates as updated bulk density estimates for the Phalaborwa resource confirms an increase in overall expected tonnages of around 16%. The increased bulk density reported by Ardaman & Associates Inc showed an increase from 30.4 million tonnes to 35.1 million tonnes, extending the resource's operating life by over two years. Ardaman is the firm responsible for designing a new gypsum stack for the ongoing Phalaborwa definitive feasibility study.
Chief Executive Officer George Bennett says: "The improvement in the resource tonnage at Phalaborwa is extremely positive. While we await the assay results and the JORC compliant Resource classification upgrade, it is clear that the growth in tonnages will lead to an increase in the life of the project by over two years in due course."
Current stock price: 11.70 pence, down 0.4% in London on Monday afternoon
12-month change: up 6.4%
By Holly Beveridge, Alliance News reporter
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