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Rainbow Rare Earths Ltd - rare earth element mining in Burundi, East Africa - Updates on initial results of the ongoing metallurgical test work programme for the Phalaborwa project in Australia. Says "the phosphogypsum is amenable to simple, direct, leaching with low cost sulphuric or hydrochloric acid without pre-treatment". Says initial recoveries of rare earths of greater than 70% have been achieved within 24 hours, which will be improved through further optimisations. Expects that production of "high value products", consisting of mixed rare earth carbonate or separated rare earth oxides, will be possible from the leach solution.
"We are excited by the initial highly positive test work results received from ANSTO, which support our view that Phalaborwa can be developed as a low capital intensity project with operating costs near the bottom of the global rare earth cost curve," company says.
Current stock price: 15.50 pence, up 11% on Monday afternoon in London
Year-to-date change: up 44%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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