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3 Apr 2017 07:00
FOR IMMEDIATE RELEASE
3 April 2017
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company')
Appointment of CFO
Rainbow, the rare earth element mining company, is pleased to announce the appointment of Jim Wynn as Chief Financial Officer of the Company, commencing 1 May 2017.
Jim is a Chartered Accountant and was previously employed by Anglo American plc where he held a number of roles within the finance, business development, and strategy departments of Anglo Industrial Minerals. Jim's most recent role was as Finance Director of Avocet Mining Plc where he developed extensive experience in francophone Africa as well as the London public company market.
He will be based in Rainbow's London office alongside CEO, Martin Eales.
Martin Eales, CEO, commented: "Jim's appointment represents another important step in Rainbow's rapid growth since the IPO in January as we form the key team to oversee the management and development of the Gakara Project in Burundi ahead of targeted first sales by year-end through our offtake and distribution partner, tk Raw Materials, part of the Thyssenkrupp Group. Jim is well known in the London mining sector and we are delighted to have attracted someone of his calibre to Rainbow."
**ENDS**
For further information, please contact:
Rainbow Rare Earths Ltd | Martin Eales | Tel: +44 (0) 20 7494 8206 |
St Brides Partners Ltd | Lottie Brocklehurst Susie Geliher | Tel: +44 (0) 20 7236 1177 |
Daniel Stewart & Company Plc | Jonathan Brown | Tel: +44 (0) 20 7776 6550 |
Hannam & Partners (Advisory) LLP | Neil Passmore Brent Nabbs | Tel: +44 (0) 20 7907 8500 |
Notes to Editors
Rainbow's focus is the Gakara Project in Burundi, one of the highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects globally. The Company has raised US$8 million to fast-track the fully permitted Gakara Project to production ahead of targeted first sales of concentrate by the end of 2017. Rainbow has a ten-year distribution and offtake agreement with multinational tk Raw Materials secured for the sale of at least 5,000 tpa of concentrate produced. The Gakara basket is weighted heavily towards the magnet rare earths, including neodymium and praseodymium, which are driving demand accounting for 70% of annual global REE sales due to their use in vital components in motors, generators, wind turbines and electric vehicles.
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