Altona Rare Earths PLC - mining exploration company focused on projects in Africa - Estimates an exploration target of up to 56.6 million tonnes at up to 1.65% total rare earth oxide at the Monte Muambe deposit in Mozambique, based on its ongoing exploration work. Says this includes 11.5 million tonnes at 2.4% total rare earth oxide, corresponding to a well-defined high-grade zone. Altona says Monte Muambe is on track to become a high value project.
Chief Executive Christian Taylor-Wilkinson says: "By completing this key milestone, it has become apparent that Monte Muambe is shaping up to be a significant rare earths project, with the estimated potential size and grade surpassing the results of some of our much larger LSE and ASX listed peers. There is a growing worldwide shortage of critical rare earth metals, particularly for the electric vehicle market."
A JORC Maiden Resource Estimate is expected to be published in the first quarter of next year.
Current stock price: last traded at 8.00 pence
12-month change: down 25%
By Xindi Wei; xindiwei@alliancenews.com
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