Business
Operations Update for the Three Months to 30.09.18
Operations Update for the Three Months to 30.09.18.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \nRNS Number : 5880F Rainbow Rare Earths Limited 30 October 2018 \n\nFOR IMMEDIATE RELEASE\n30 October 2018\n \nRainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\nOperations Update for the Three Months to 30 September 2018\n \nRainbow, the rare earth element mining company, is pleased to announce an operations update from its Gakara Project in Burundi ('Gakara') for the three months to 30 September 2018. 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 \nResults for Q1 2018-19 (Three Months to 30 September 2018)\n \n\n\n\n\n\n\nQ1 2018-19 \n(30 Sep 2018)\n\n\nQ4 2017-18 \n(30 June 2018)\n\n\nFull Year 2017-18 \n(30 June 2018)\n\n\n\n\nConcentrate sold (tonnes)\n\n\n350\n\n\n350\n\n\n475\n\n\n\n\nConcentrate exported (tonnes)\n\n\n350\n\n\n275\n\n\n575\n\n\n\n\nGrade TREO per tonne concentrate\n\n\n59%\n\n\n55%\n\n\n58%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nUS$/t\n\n\nUS$/t\n\n\nUS$/t\n\n\n\n\nGross sales price \n\n\n2,147\n\n\n2,229\n\n\n2,263\n\n\n\n\nMarketing and handling\n\n\n(167)\n\n\n(202)\n\n\n(175)\n\n\n\n\nNet sales price\n\n\n1,980\n\n\n2,027\n\n\n2,088\n\n\n\n\nTransportation and royalty\n\n\n(261)\n\n\n(315)\n\n\n(381)\n\n\n\n\nProduction cost \n\n\n(2,852)\n\n\n(2,534)\n\n\n(2,430)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLTIFR \n\n\n0.00\n\n\n0.00\n\n\n0.00\n\n\n\n \nMartin Eales, CEO of Rainbow, said: \"A lot of positive progress has been made in the quarter, particularly with regard to an increase in exported tonnes and total ore mined from Gasagwe, the development of our next mining area at Murambi and the conclusion of the drilling programme at Kiyenzi which means we are still on track to deliver our maiden JORC Resource before the end of 2018. \n \n\"Whilst initiatives have been put in place to allow more predictable extraction going forward the geological environment has been challenging more recently. In view of these uncertainties and the limited lead time to start up Murambi, the Company believes that the targeted 400tpm run rate will be delayed into 2019, dependent on further mining areas being opened.\n \n\"The Company's focus is on increasing production and sales to a level of 250-300 tonnes per month in the near term at which ...