Rainbow Rare Earths Limited Production and Covid-19 update (6545J)
15 April 2020 - 4:00PM
UK Regulatory
TIDMRBW
RNS Number : 6545J
Rainbow Rare Earths Limited
15 April 2020
15 April 2020
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
Production and Covid-19 update
Rainbow Rare Earths Ltd, the Rare Earth Element ("REE") mining
company, is pleased to announce that it has exported a further 100
tonnes of concentrate, following on from the 75 tonnes sold in
February 2020.
Production at the Gakara mine has been steadily growing since
December, and further increases are expected as a result of the
commissioning of the fleet of five new trucks this month, as well
as the advent of drier weather.
The impact of Covid-19 in Burundi has been limited to the
closure of a number of borders, including the airport of Bujumbura.
However, the import and export of goods continues to be permitted
via the land border with Tanzania, which has meant that the
operations at the mine have been able to continue largely as
normal.
**ENDS**
For further information, please contact
+27 82 652 8526
Rainbow Rare Earths George Bennett +44 (0) 20 3910
Ltd Company Jim Wynn 4551
SP Angel Corporate Ewan Leggat +44 (0) 20 3470
Finance LLP Joint Broker Charlie Bouverat 0470
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Andy Thacker +44 (0) 20 3657
Turner Pope Investments Joint Broker Zoe Alexander 0050
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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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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