Last checked at 1 Nov 2022 07:00
1 November 2022
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Director/PDMR Shareholding
Rainbow Rare Earths Ltd announces that George Bennett, a Director and Person Discharging Managerial Responsibility ('PDMR') of the Company, has purchased 435,000 ordinary shares of the Company.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | George Bennett | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Rainbow Rare Earths Limited | ||||
b) | LEI | 213800HONYSAXTG6KS11 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a) | Description of the financial instrument, type of instrument
Identification code | Ordinary shares of no par value
GG00BD59ZW98 | ||||
b) | Nature of the transaction
| Purchase of ordinary shares of no par value by Pipestone Capital Ltd, beneficially owned by George Bennett. | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated information
- Aggregated volume - Price
|
N/A - single transaction | ||||
e) | Date of the transaction
| 31 October 2022
| ||||
f) | Place of the transaction | London Stock Exchange | ||||
**ENDS**
For further information, please contact:
Rainbow Rare Earths Ltd | Company | George Bennett Pete Gardner | +27 82 652 8526
|
SP Angel Corporate Finance LLP | Broker | Ewan Leggat Charlie Bouverat | +44 (0) 20 3470 0470 |
Berenberg | Broker | Matthew Armitt Jennifer Lee | +44 (0) 20 3207 7800 |
Tavistock Communications | PR/IR | Charles Vivian Tara Vivian-Neal | +44 (0) 20 7920 3150 rainbowrareearths@tavistock.co.uk |
Notes to Editors:
Rainbow's strategy is to identify near-term, secondary rare earths production opportunities. Meeting escalating demand for critical minerals needed for global decarbonisation, we are focused on producing the magnet rare earth metals neodymium and praseodymium ("NdPr"), dysprosium and terbium. With our strong operating experience, proven project development experience, unique intellectual property and diversified portfolio, Rainbow will develop a responsible rare earths supply chain to drive the green energy transition.
The Phalaborwa Rare Earths Project, located in South Africa, comprises an Inferred Mineral Resource Estimate of 30.7Mt at 0.43% TREO contained within unconsolidated gypsum stacks derived from historic phosphate hard rock mining. High value NdPr oxide represents 29.1% of the total contained rare earth oxides, with economic Dysprosium and Terbium oxide credits enhancing the overall value of the rare earth basket in the stacks. The rare earths are contained in chemical form in the gypsum stacks, which allows high-value separated rare earth oxides to be produced in a single processing plant at site with lower operating costs than a typical rare earth mineral project.