Business
Preliminary Results for year ended 30 June 2021
Preliminary Results for year ended 30 June 2021.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 4913Q\n Rainbow Rare Earths Limited\n 28 October 2021\n \n \n \n \n Rainbow Rare Earths Limited \n \n \n (\"Rainbow\" or the \"Company\")\n \n \n (LSE: RBW)\n \n \n 28 October 2021\n \n \n \n \n \n \n \n \n Preliminary Announcement of results for the year ended 30 June 2021\n \n \n \n \n \n Rainbow Rare Earths Ltd is pleased to announce its preliminary results for the year ended 30 June 2021 (\"FY 2021\").\n \n \n The financial information in this release does not constitute the Financial Statements. The Group's Annual Report, which includes the audit report and audited Financial Statements for the year ended 30 June 2021, will be available on the Company's website at \n \n www.rainbowrareearths.com\n \n .\n \n \n Highlights \n \n \n · \n As pressure continues to accelerate around the globe to reach the net-zero goals of the Paris Agreement, we believe Rainbow is well positioned to develop a responsible, independent, rare earths supply chain. \n \n \n · \n Strong and diversified demand for the rare earth elements required for use in permanent magnets, namely Neodymium and Praseodymium (\"NdPr\"), together with Dysprosium (\"Dy\") and Terbium (\"Tb\"), underpinned by key global macroeconomic trends.\n \n \n · \n Rainbow's rare earths basket prices for the Gakara project have risen 64% during FY 2021, significantly outstripping forecast price rises. The Phalaborwa basket is more highly geared to high value NdPr, with additional economic Dy and Tb credits, and has seen a 67% increase over FY 2021.\n \n \n · \n JORC (2012) compliant inferred mineral resource estimate at the Phalaborwa Project in South Africa of 38.3Mt at 0.43% total rare earth oxide (\"TREO\").\n \n \n · \n Exclusive rare earths separation technology agreement signed with K-Technologies, Inc.\n \n \n · \n Scope of preliminary economic assessment (\"PEA\") at Phalaborwa widened to include additional downstream processing step, aiming to deliver separated rare earth oxides directly from the proposed on-site Phalaborwa processing facility.\n \n \n · \n Exploration and trial mining operations at Gakara in Burundi placed on care and maintenance by the Government of Burundi in June 2021 following an initial export ban put in place in March 2021. Rainbow has focused on a steadfast approach to resolving issu...