Altona Rare Earths PLC Monte Muambe Holding Increased To 51% (7898V)
06 December 2023 - 6:00PM
UK Regulatory
TIDMREE
RNS Number : 7898V
Altona Rare Earths PLC
06 December 2023
6 December 2023
ALTONA RARE EARTHS PLC
("Altona" or "the Company")
MONTE MUAMBE HOLDING INCREASED TO 51%
Altona (LSE: REE), a resource exploration and development
company focused on Rare Earths in Africa, is pleased to announce
that, following the successful completion of Phase 2 of the Monte
Muambe Rare Earths project as announced on 18 October 2023, its
holding in Monte Muambe Mining Limitada has now increased from 20%
to 51%.
Monte Muambe Mining Limitada is the Mozambican subsidiary
holding the prospecting license encompassing the Monte Muambe
Project.
The transfer is subject to the final approval by the Minister of
Mineral Resources and Energy, which the Company has sought.
Cedric Simonet, CEO of Altona, commented: "We are delighted with
this progress and the increase of the Company's holding in Monte
Muambe Mining Limitada to 51% materialises the rewards of the
completion of Phase 2, representing an important step in de-risking
the project further."
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Altona Rare Earths Plc
Cedric Simonet, CEO +44 (0) 7778 866 108
Christian Taylor-Wilkinson, Business Development +44 (0) 7795
168 157
Novum Securities Ltd (Corporate Finance) +44 (0) 20 7399
9400
David Coffman
Daniel Harris
Allenby Capital Ltd (Joint Broker) +44 (0)20 3328 5656
Kelly Gardiner / Guy McDougall (Sales)
Nick Athanas (Corporate Finance)
Optiva Securities (Joint Broker) +44 (0) 20 3411 1882
Daniel Ingram
Yellow Jersey PR (Financial PR) +44 (0) 20 3004 9512
Sarah Hollins
Annabelle Wills
About Altona Rare Earths Plc
Altona is a resource exploration and development company focused
on Rare Earths in Africa. The Company is listed on the Main Market
of the London Stock Exchange.
Rare Earths are a group of 17 chemical elements, many of which
are critical to the W orld's ongoing transition from carbon-based
to renewable energies, and to the defence and communication
sectors.
The Company currently focuses on the development of Monte
Muambe, its flagship Magnet Rare Earths Project, located in
Northwest Mozambique. The Project was acquired in June 2021, and
the Company has so far drilled over 7,800m, and defined a maiden
JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO.
A Competent Person Report including the Scoping Study for Monte
Muambe was published on 18 October 2023. The Project is now
entering its Prefeasibility Study stage.
Altona continues to take advantage of its position in Africa to
assess other possible Rare Earths opportunities on the
Continent.
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