Last checked at 30 Oct 2020 07:00
FOR IMMEDIATE RELEASE
30 October 2020
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)
Publication of Annual Report for the year to 30 June 2020 and
Notice of Annual General Meeting
Rainbow Rare Earths Limited, the rare earth mining company, announces that it has today published its Annual Report and Accounts for the year ended 30 June 2020 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 11am on Wednesday 18 November 2020 at its registered office Trafalgar Court, 2nd Floor, East Wing, Admiral Park, St Peter Port, Guernsey GY1 3EL.
In light of current COVID-19 restrictions, the Board hopes that members will understand that the AGM will be run as a closed meeting this year. For the safety and well-being of our shareholders and Directors, shareholders and/or their proxies/corporate representatives will not be permitted to attend the AGM in person this year. All of the voting in respect of the resolutions to be proposed at the AGM will be conducted by way of poll votes. Members of the Company are therefore strongly encouraged to submit a proxy vote in advance of the meeting.
A copy of the Notice of AGM and related forms of proxy will shortly be available for inspection on the Company's website at www.rainbowrareearths.com/investors/corporate-documents/ or via the Financial Conduct Authority's National Storage Mechanism website.
**ENDS**
For further information, please contact:
Rainbow Rare Earths Ltd
| Company | George Bennett
| +27 82 652 8526 |
SP Angel Corporate Finance LLP
| Broker | Ewan Leggat Charlie Bouverat | +44 (0) 20 3470 0470 |
Notes to Editors:
Rainbow's focus is the Gakara Project in Burundi, which produces one of the highest-grade concentrates in the world (typically 54% Total Rare Earth Oxide) and is the only African producer of rare earths through the ongoing trial mining operations. The Gakara basket is weighted heavily towards neodymium (Nd) and praseodymium (Pr), which account for over 80% of the value of the Gakara concentrate.
Nd and Pr are vital components of the strongest permanent magnets used for the motors and turbines driving the green technology evolution. Analysts are predicting demand for magnet rare earth oxides will grow substantially over the coming years, driven by increasing adoption of green technology, pushing the overall market for Nd and Pr into deficit.