Rainbow Rare Earths Limited Gakara Rare Earth Mine Inauguration Ceremony (7843L)
21 July 2017 - 10:31PM
UK Regulatory
TIDMRBW
RNS Number : 7843L
Rainbow Rare Earths Limited
21 July 2017
FOR IMMEDIATE RELEASE
21 July 2017
Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE:
RBW)
Mine Inauguration Ceremony
Rainbow, the rare-earth element mining company, is pleased to
announce that it hosted His Excellence The President of the
Republic of Burundi and other notable guests at an inauguration
ceremony for the Company's Gakara Rare Earth Project ('Gakara')
this morning.
Guests attended a series of speeches and traditional Burundian
cultural celebrations in the town of Mutambu, located close to
Rainbow's first mining area at Gasagwe, where first production and
sales of rare earth concentrate is targeted in Q4 2017. Speeches
were delivered by His Excellency Mr Pierre Nkurunziza, President of
the Republic of Burundi, Burundi's Minister for Mines and Energy,
Come Manirakiza, and Rainbow's CEO, Martin Eales.
Martin Eales, CEO of Rainbow, commented: "The Gakara Project is
currently the most advanced mining development project in Burundi
and Rainbow was pleased to welcome so many honoured guests to our
ceremony today. We value highly all of the support that we have
received from the Government of Burundi and the local
population.
"Our mining activity at Gasagwe continues to make great progress
in readiness for the commissioning of our processing plant and
first sales of rare earth concentrate as planned in Q4 this year.
The commencement of production at Gakara is timely as market prices
for rare earths have strengthened significantly in the period since
Rainbow's IPO and these increases will directly impact our
anticipated sales revenues."
**ENDS**
For further information, please contact:
Rainbow Rare Earths Martin Eales Tel: +44 (0)
Ltd 20 3910 4550
-------------------- -------------------- --------------
St Brides Partners Lottie Brocklehurst Tel: +44 (0)
Ltd Susie Geliher 20 7236 1177
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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. In January 2017, the Company raised US$8 million to
fast-track the fully permitted Gakara Project to production ahead
of targeted first sales of concentrate by the end of 2017. Rainbow
has a ten-year distribution and offtake agreement with
multinational thyssenkrupp Raw Materials secured for the sale of at
least 5,000 tpa 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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