Business
Interim Results for the 6 months ended 31 Dec 2019
Interim Results for the 6 months ended 31 Dec 2019.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 9482H\n Rainbow Rare Earths Limited\n 30 March 2020\n \n \n \n 30 March 2020\n \n \n Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\n \n Interim Results for the six months ended 31 December 2019\n \n Rainbow is pleased to announce its unaudited results for the six months ended 31 December 2019.\n \n Highlights\n \n · New Chief Executive Officer (George Bennett) appointed in the period\n \n · Revised strategy announced - based on a much larger operation targeting at least 20k tonnes of concentrate per annum for 20 years\n \n · Exploration and other test work being undertaken - JORC Resource targeted for April 2020\n \n · Current operations being revised and optimised to achieve breakeven, to mitigate production losses\n \n · Production in the period modest - 100t concentrate exported and sold - reflecting operating challenges which triggered changes to strategy\n \n · EBITDA loss for the period US$2.3 million (6 months to 31 December 2018: US$1.4 million)\n \n · 10 mining claims obtained in Zimbabwe\n \n · Coronavirus impacts to production limited at the present time - but the situation is being monitored closely\n \n \n Enquiries:\n \n \n \n \n \n Rainbow Rare Earths Ltd\n \n \n Company\n \n \n George Bennett\n Jim Wynn\n \n \n +27 82 652 8526\n +44 (0) 20 3910 4551\n \n \n \n \n \n SP Angel Corporate Finance LLP\n \n \n Joint Broker\n \n \n \n Ewan Leggat\n \n \n Charlie Bouverat\n \n \n \n +44 (0) 20 3470 0470\n \n \n \n \n Turner Pope Investments\n \n \n Joint Broker\n \n \n \n Andy Thacker\n \n Zoe Alexander\n \n \n +44 (0) 20 3657 0050\n \n \n \n \n \n \n \n \n \n CEO Statement Coronavirus/COVID-19 It is impossible to begin a discussion at the present time without covering the impact of coronavirus on Rainbow and its operations. Rainbow's operations are in Burundi, which, at the time of writing, has had no officially recorded instances of coronavirus. Our operations continue to run largely as normal, however international travel restrictions have meant that senior management are currently remaining at site for extended rotations, to ensure continued productivity. If restrictions on travel continue for a prolonged period, or if the Burundi government imposes stricter controls or lockdow...