Business
Q2 Operations Update
Q2 Operations Update.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \nRNS Number : 5039V Rainbow Rare Earths Limited 24 July 2018 \n\nFOR IMMEDIATE RELEASE\n24 July 2018\n \nRainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\nOperations Update for the Three Months to 30 June 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 June 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'), and the Company is targeting a production rate of 5,000tpa (~400tpm) by the end of 2018.\n \nResults for the Three Months to 30 June 2018\n \n\n\n\n\n\n\n3 months to 30 Jun 2018\n\n\n3 months to 31 Mar 2018\n\n\n3 months to 31 Dec 2017\n\n\nYear to 30 June 2018\n\n\n\n\nConcentrate sold (tonnes)\n\n\n350\n\n\n125\n\n\n-\n\n\n475\n\n\n\n\nConcentrate exported (tonnes)\n\n\n275\n\n\n250\n\n\n50\n\n\n575\n\n\n\n\nGrade TREO per tonne concentrate\n\n\n55%\n\n\n61%\n\n\n62%\n\n\n58%\n\n\n\n\nRealised sales price achieved (US$ per tonne)\n\n\n2,229\n\n\n2,357\n\n\n-\n\n\n2,263\n\n\n\n\nProduction cost (US$ per tonne exported)\n\n\n2,534\n\n\n2,315\n\n\n-*\n\n\n2,430\n\n\n\n\nCost of sales (US$ per tonne sold)\n\n\n517\n\n\n664\n\n\n-\n\n\n556\n\n\n\n\nLTIFR \n\n\n0.00\n\n\n0.00\n\n\n0.00\n\n\n0.00\n\n\n\n* No production costs attributed to the initial export of 50 tonnes in December 2017. \n \nMartin Eales, CEO of Rainbow, said: \"A 180% increase in tonnes of concentrate sold from the previous quarter is a clear indication that there is strong demand for our Gakara concentrate which is currently the only rare earths production from Africa. \n \n\"Having implemented an upgraded mine plan at Gasagwe towards the end of the quarter we saw mining rates improve significantly in June, and we anticipate seeing an increase in concentrate production by 50-100% on a monthly basis over the next quarter. As a result, production costs will fall considerably in the next 6 months as we approach our target of 400tpm by the end of the year. \n \n\"This has been a highly active quarter on the ground, evidenced by our expansion initiatives. Phase 1 of our maiden exploration drill campaign was successfully completed during the period with ...