Business
Unaudited Interim Results
Unaudited Interim Results.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \nRNS Number : 4384F Rainbow Rare Earths Limited 21 February 2018 \n\n21 February 2018\n \n \n \nRainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)\nInterim Results\n \nRainbow, the high grade rare earth concentrate producer, announces its unaudited results for the six months ended 31 December 2017.\n \nHighlights\n· Commenced production and first shipment of rare earth concentrate completed on schedule in Q4 2017\n· Processing plant commissioning well advanced at period end, and now completed\n· Ground gravity and airborne radiometric surveys identified highly prospective anomalies which are being drilled in Q1 2018\n· Successful completion of share placing in December 2017 raising net US$3.5 million to finance first drilling campaign as well as mine fleet expansion\n· Cash balance of US$2.7 million at 31 December 2017\n· Loss for the six months ended 31 December 2017 of US$1.1 million (31 December 2016: US$0.4m), reflecting increase in pre-production administrative activity\n \n \n \nEnquiries:\n \n\n\n\n\nRainbow Rare Earths Ltd\n\n\nMartin Eales\n\n\n+44 (0) 20 3910 4550\n\n\n\n\nArden Partners plc\n\n\nPaul Shackleton\nBenjamin Cryer\n \n\n\n+44 (0) 20 7614 5900\n\n\n\n\nHannam & Partners (Advisory) LLP\n\n\nNeil Passmore\nBen Newman-Sanders\n \n\n\n+44 (0) 20 7907 8500\n\n\n\n\nSt Brides Partners Ltd\n\n\nLottie Wadham\nSusie Geliher\n\n\n+44 (0) 20 7236 1177\n\n\n\n\n \n \n\n\n \nCEO Statement\n \nFollowing Rainbow's IPO at the beginning of 2017, the six months to 31 December 2017 was a busy and highly productive period for Rainbow, during which we commenced production of rare earth concentrate from one of the highest grade projects globally on schedule and on budget.\n \nDuring the period, the initial mine at Gasagwe developed from an area which had undergone manual pre-stripping work only, to an operational mine site. At the same time, the plant site at Kabezi went from being an area which had been cleared and levelled, to the site of an operating plant which had, by the end of 2017, completed the first two exportations of mineral concentrate. \n \nRare earth price...