Rainbow Rare Earths Limited Result of AGM (7568F)
November 18 2020 - 7:37AM
UK Regulatory
TIDMRBW
RNS Number : 7568F
Rainbow Rare Earths Limited
18 November 2020
FOR IMMEDIATE RELEASE
18 November 2020
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
Results 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 18 November 2020
at 11.00am, all resolutions proposed were duly passed.
**ENDS**
For further information, please contact:
Rainbow Rare Earths
Ltd Company George Bennett +27 82 652 8526
SP Angel Corporate Ewan Leggat +44 (0) 20 3470
Finance LLP Broker Charlie Bouverat 0470
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Notes to Editors:
Rainbow's strategy is to become a globally-significant producer
of rare earth metals. NdPr are vital components of the strongest
permanent magnets used for the motors and turbines driving the
green technology revolution. Analysts are predicting demand for
magnet rare earth oxides will grow substantially over the coming
years, driven by increasing adoption of green technology, pushing
the overall market for NdPr into deficit.
The Company's Gakara Project in Burundi, which produces one of
the highest-grade concentrates in the world (typically 54% total
rare earth oxide ("TREO")) through ongoing trial mining operations,
is currently the only African producer of rare earths. The Gakara
basket is weighted heavily towards NdPr, which account for over
approximately 19.5% of the contained TREO and 80% of the value of
the concentrate.
The Phalaborwa Rare Earths Project, located in South Africa,
comprises approximately 35 million tonnes of gypsum resulting from
historic phosphate hard rock mining, containing rare earth elements
with an estimated average in situ grade of 0.6% TREO, based on
previous sampling campaigns, of which 30% comprises high-value
NdPr. The rare earths are contained in chemical form in the gypsum
stacks, which is expected to deliver a higher-value rare earth
carbonate, with lower operating costs than a typical rare earth
mineral project.
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END
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