Business
Final Results
Final Results.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \nRNS Number : 6186S Rainbow Rare Earths Limited 04 October 2017 \n \n\nFOR IMMEDIATE RELEASE\n4 October 2017\n \nRainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\nFinal Results\n \nRainbow Rare Earths Limited (\"Rainbow\" or the \"Company\"), the rare earth element mining company operating in East Africa, announces its audited results for the 12 months ended 30 June 2017.\n \nHighlights\n \n· Completion of Placing and Admission to the London Stock Exchange Main Market raising gross proceeds of US$8 million (US$7.4 million net)\n· Rapid development of the Company's Gasagwe mining area focused on site preparation and waste stripping\n· Construction and development of the processing plant site at Kabezi underway at year end ahead of commissioning in Q4 2017\n· Commencement of ROM ore extraction at Gasagwe in September 2017 \n· First concentrate sales remain on track for Q4 2017\n· Pricing for rare earth elements strengthened markedly during 2017, with Rainbow's basket price as at 3 October 2017 up around 70% since the start of the year\n· Rainbow provides first Production Guidance for 2017-18 of 3,000-4,000 tonnes of ROM ore mined generating 2,250-3,000 tonnes of mineral concentrate for sale\n \nA copy of the annual report will be available during October on the Company's website at www.rainbowrareearths.com. \n \nFor further information, please contact:\n \n\n\n\n\nRainbow Rare Earths Ltd\n\n\nMartin Eales \n\n\nTel: +44 (0) 20 3910 4550\n\n\n\n\nSt Brides Partners Ltd\n\n\nLottie Wadham\nSusie Geliher\n\n\nTel: +44 (0) 20 7236 1177\n\n\n\n\nArden Partners plc\n\n\nWilliam Vandyk\nBenjamin Cryer\n\n\nTel: +44 (0) 20 7614 5900\n\n\n\n\nHannam & Partners (Advisory) LLP\n\n\nNeil Passmore\nBen Newman-Sanders\n\n\nTel: +44 (0) 20 7907 8500\n\n\n\n\n \nProduction Guidance 2017-2018\n \nFollowing the successful progress of Rainbow's development of its first mining area at Gasagwe and with the processing plant at Kabezi, the Company is pleased to provide forward guidance for the current year ending 30 June 2018. ROM ore production is forecast to be in the range of 3,000-4,000 tonnes which is expected to generate 2,250-3,000 tonnes of mineral concentrate for sale. \...