Last checked at 31 Oct 2018 13:27
FOR IMMEDIATE RELEASE
31 October 2018
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)
Result of Annual General Meeting ("AGM")
Rainbow announces that at the AGM of the Company held at the Company's registered office, Trafalgar Court, 2nd Floor East Wing, Admiral Park, St Peter Port, Guernsey GY1 3EL on 31 October 2018 at 12.00pm, all resolutions proposed were duly passed.
For further information, please contact:
Rainbow Rare Earths Ltd | Martin Eales | Tel: +44 (0) 20 3910 4550 |
St Brides Partners Ltd | Lottie Wadham Priit Piip | Tel: +44 (0) 20 7236 1177 |
Arden Partners plc | Paul Shackleton Benjamin Cryer | Tel: +44 (0) 20 7614 5900 |
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 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.