Business
Rare Earths Co-Development Project in South Africa
Rare Earths Co-Development Project in South Africa.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 0179E\n Rainbow Rare Earths Limited\n 03 November 2020\n \n \n \n 3 November 2020\n Rainbow Rare Earths Limited\n (\"Rainbow\" or the \"Company\")\n (LSE: RBW)\n \n Rare Earths Co-Development Project in South Africa\n Rainbow Rare Earths is pleased to announce the signing of a binding Agreement for Co-Development (the \"Agreement\") of the Phalaborwa Rare Earths Project (the \"Project\"), located in South Africa, with Bosveld Phosphates (Pty) Ltd (\"Bosveld\"). The Project comprises approximately 35 million tonnes of gypsum resulting from historic phosphate hard rock mining, containing rare earth elements (\"REE\") with an estimated average in situ grade of 0.6% Total Rare Earth Oxides (\"TREO\"), based on previous sampling campaigns.\n \n \n \n Project highlights\n \n · Rainbow and Bosveld intend to jointly develop and process rare earth elements from the gypsum contained in two stacks at the Project site (the \"Gypsum Stacks\").\n \n · Initial grab sample assays from the c. 35 million tonnes Gypsum Stacks indicate 0.6% TREO, indicating c. 210,000 tonnes of contained TREOs, with Neodymium (Nd) and Praseodymium (Pr) (together \"NdPr\") anticipated to constitute c. 30% of the TREO basket.\n \n · The unique nature of these Gypsum Stacks results from the historic concentration of REEs during Foskor's flotation process, followed by further upgrading in Sasol's PhosAcid Plant, leading to REE concentration in chemical (rather than mineral) form, which enables simpler onward processing.\n \n · Sasol developed a comprehensive process flowsheet to extract the rare earths from the gypsum, which resulted in a successful pilot plant operation, producing c. 3 tonnes of mixed rare earth carbonate at c. 80% recoveries.\n \n · Initial reports suggest low levels of radioactive elements, similar to those seen at Rainbow's Gakara Project, in Burundi.\n \n · The Project is fully permitted, with an Environmental Impact Assessment completed.\n \n · The re-processing of these Gypsum Stacks carries significant environmental benefits in that it will redeposit clean, benign gypsum, which then has the potential for further use in the building and fertiliser industries.\n Key terms of the Agreement\n \n · A total consideration of US$750,000, in a combination of cash and shares (priced based on the prevailing...