Last checked at 1 May 2020 07:00
1 May 2020
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
Update on impact of COVID-19 and appointment of Chief Financial Officer
Rainbow Rare Earths Ltd, the Rare Earth ("RE") producer, is pleased to provide an update on its operations at its Gakara RE mine in Burundi.
Activity at the Gakara mine has continued largely unhampered by any restrictions in respect of COVID-19. Although foreign travel has been largely suspended into and out of Burundi, goods are now able to pass across road borders, and the latest export of 100 tonnes of concentrate reached the port of Dar es-Salaam unhindered.
Work continues towards the completion of the Company's maiden JORC Resource, which is expected to be completed in the coming weeks. The finalisation of the report has been slightly delayed due to lockdowns affecting testing facilities in South Africa and elsewhere.
The Company is also pleased to announce that Pete Gardner has been appointed Chief Financial Officer (non-board), with immediate effect, replacing Jim Wynn, who will be taking up another position outside the Company.
George Bennett, CEO, said: The impact of COVID-19 has been widespread, however our operations have remained largely unaffected. We have introduced a number of sanitation steps for our workers, and will continue to comply with any in-country restrictions that may be imposed. Our longer-term priority remains the definition of a maiden JORC Resource, and work is nearly completed on the first stage, which we look forward to announcing shortly.
I am also pleased to welcome Pete Gardner as CFO. Pete has a great deal of experience as a CFO of African mining companies, at Amara Mining and most recently at Piran Resources in Rwanda. We are lucky to have attracted someone of his ability, and at the same time wish the best for Jim Wynn, who leaves us after three years.
**ENDS**
For further information, please contact
Rainbow Rare Earths Ltd | Company | George Bennett Jim Wynn | +27 82 652 8526 +44 (0) 20 3910 4551 |
SP Angel Corporate Finance LLP | Joint Broker | Ewan Leggat Charlie Bouverat | +44 (0) 20 3470 0470 |
Turner Pope Investments | Joint Broker | Andy Thacker Zoe Alexander | +44 (0) 20 3657 0050 |
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.
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.