Business
Commencement of Ore Mining and Operations Update
Commencement of Ore Mining and Operations Update.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \nRNS Number : 0920R Rainbow Rare Earths Limited 19 September 2017 \n\n19 September 2017\n \nRainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\nCommencement of Ore Mining and Operations Update\n \nRainbow, the rare earth element mining company, is pleased to announce an update on its Gakara Rare Earth Project ('Gakara') in Burundi, where first production and sales of rare earth concentrate are being targeted for Q4 2017. Gakara is one of the highest grade rare earth element mining projects globally, with an estimated in situ grade of 47-67% Total Rare Earth Oxide ('TREO').\n \nHighlights\n \n· Mining and plant construction timetable remains on track to deliver first rare earth concentrate for sale in Q4 2017\n· Mining of ore has commenced at the Gasagwe site\n· Plant construction progressing well\no Civils and earthworks well advanced, expected to be complete by end September\no Approximately half of plant containers already in Bujumbura, with remainder expected by mid-October\n· Rare earth prices continue to strengthen - Rainbow basket price up 80% YTD\n \nMartin Eales, CEO of Rainbow, commented: \"I am pleased to report extremely positive news on all fronts, which sees the Company firmly on track to deliver its first shipment of concentrate in Q4 2017. The construction of the plant at Kabezi is progressing well, despite minor logistical difficulties, and we have commenced mining ore from the Gasagwe pit. Meanwhile, the market for rare earths goes from strength to strength, and our basket price has nearly doubled since our listing on 30 January 2017.\"\n \nCommencement of Ore Mining\n \nAt the Gasagwe site, the Company has focused on the pre-stripping work since April 2017, which has exposed the 'Main Vein' to a depth of around 3-5 metres along 90 metres of strike with several other subsidiary veins that are connected or adjacent. \n \nFollowing completion of the construction of the run-of-mine ('ROM') bunkers at the Kabezi plant site, Rainbow has commenced extraction of ROM ore and will be stockpiling the feedstock in advance of plant commissioning within the next six to eight weeks.\n \n \nProcessing Plant\n \nRainbow continues to develop a new processing plant and r...