Business
Rainbow Becomes the Only African Producer of REEs
Rainbow Becomes the Only African Producer of REEs.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \nRNS Number : 3566Y Rainbow Rare Earths Limited 05 December 2017 \n\nFOR IMMEDIATE RELEASE\n5 December 2017\n \nRainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\nFirst Production and Shipment of Rare Earths Concentrate \n \nRainbow, the rare earth element mining company, is pleased to announce it has exported its first shipment of rare earth concentrate from its Gakara Project in Burundi ('Gakara'). 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 by the end of 2018.\n \nHighlights \n· All 2017 targets achieved\n· Successful first production of high grade rare earth mineral concentrate \n· First shipment already being transported by road to Mombasa\n· Final Commissioning of Processing plant now underway\n· Rainbow has become one of the few producers of rare earths outside of China and the only African producer\n \nMartin Eales, CEO of Rainbow, commented: \"Rainbow can now rightly claim to being the only producing rare earths mine in Africa, and the highest grade producer globally. We have successfully delivered on our stated strategy having developed the Gasagwe mine, constructed our processing plant to the point of final commissioning and now exported our first shipment of mineral concentrate all within 11 months of IPO. This is a proud moment for all involved in the Company and we now look forward to growing our monthly production levels over the coming months targeting a 5,000tpa run rate by the end of 2018.\n \n\"Rare earths have a vital input in some of the world's fastest growing markets including renewable energy, electric vehicles, telecommunications and defence and due to the demand of these important technology metals prices have strengthened considerably this year. We are eager to further increase our production profile and as such have been exploring the Gakara licence area alongside our development work which h...