Last checked at 10 Oct 2018 07:00
FOR IMMEDIATE RELEASE
10 October 2018
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)
Publication of Annual Report for the year to 30 June 2018 and
Notice of Annual General Meeting
Rainbow Rare Earths Limited ("Rainbow" or the "Company"), the rare earth mining company, announces that it has today published its Annual Report and Accounts for the year ended 30 June 2018 on the Company's website at www.rainbowrareearths.com.
The Annual Report and Accounts will also be mailed to those shareholders who have elected to receive it in hard copy.
The Company also announces that the Annual General Meeting of Shareholders ("AGM") will be held at 12pm on Wednesday 31 October 2018 at its registered office Trafalgar Court, 2nd Floor, East Wing, Admiral Park, St Peter Port, Guernsey GY1 3EL.
A Notice of Meeting for the AGM and related forms of proxy will also be sent to shareholders today.
In compliance with LR9.6.1, a copy of the Notice of AGM will shortly be available for inspection at the Financial Conduct Authority's National Storage Mechanism website http://www.morningstar.co.uk/uk/NSM and will also be available on the Company's website at www.rainbowrareearths.com.
For further information, please contact:
Rainbow Rare Earths Ltd | Martin Eales | Tel: +44 (0) 20 3910 4550 |
Arden Partners plc | Paul Shackleton Benjamin Cryer | Tel: +44 (0) 20 7614 5900 |
St Brides Partners Ltd | Lottie Wadham Susie Geliher | Tel: +44 (0) 20 7236 1177 |
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 and the only African producer.
The Company began production of rare earth concentrates in Q4 2017 and is currently ramping up to a targeted run rate of 5,000tpa by the end of 2018 and 6,000tpa by the end of 2019. Rainbow has a ten-year distribution and offtake agreement with multinational thyssenkrupp Materials Trading secured for the sale of at least 5,000tpa of concentrate produced.
The Gakara basket is weighted heavily towards the magnet rare earths, including neodymium and praseodymium, which are driving demand and account for 70% of annual global REE sales due to their use in vital components in motors, generators, wind turbines, and electric vehicles.