REG - Altona Rare Earths - Mining Licence Application Lodged

Altona Rare EarthsAnnouncement

14/12/2023 07:00

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RNS Number : 6912W  Altona Rare Earths PLC  14 December 2023

14 December 2023

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

 

MINING LICENCE APPLICATION LODGED

 

Altona (LSE: REE), a resource exploration and development company focused on
Rare Earths in Africa, is pleased to announce that its subsidiary, Monte
Muambe Mining Limitada, has lodged an application for a Mining Licence (known
as a Mining Concession in Mozambique).

 

Highlights:

 

·   The application follows the successful completion of Phase 2 of the
Monte Muambe Rare Earths project ("the Project") as announced on 18 October
2023.

 

·   The requested duration of the Mining Licence is 25 years.

 

·  The Mining Regulations (Decree no. 31/2015 of 31 December) require the
Minister of Mineral Resources and Energy to communicate their decision to the
applicant within 190 days.

 

Cedric Simonet, CEO of Altona, commented: "We are very pleased to have
submitted our Mining Licence application for Monte Muambe, which reflects our
unwavering confidence in the Project. The application marks a pivotal
milestone in our journey to transforming what was, only three years ago, a few
positive drillhole intercepts, into a Rare Earths mining operation.

 

"The Project will deliver substantial social and economic benefits not only to
the local community in the Tete Province of Mozambique but also more widely to
the whole nation. We look forward to furthering our relationship with the
Ministry of Mineral Resources and Energy, as we work towards the approval of
the Mining Licence.

 

"Our ongoing efforts are focused on further de-risking the Project, with
particular emphasis on advancing metallurgical studies."

 

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-ends-

 

Altona Rare Earths Plc

Cedric Simonet,
CEO
+44 (0) 7778 866 108

Christian Taylor-Wilkinson, Business
Development
+44 (0) 7795 168 157

 

Novum Securities Ltd (Corporate
Finance)
+44 (0) 20 7399 9400

David
Coffman

Daniel Harris

 

Allenby Capital Ltd (Joint
Broker)
+44 (0)20 3328 5656

Kelly Gardiner / Guy McDougall (Sales)

Nick Athanas (Corporate Finance)

 

Optiva Securities (Joint
Broker)
+44 (0) 20 3411 1882

Daniel
Ingram

 

Yellow Jersey PR (Financial
PR)
+44 (0) 20 3004 9512

Sarah Hollins

Annabelle Wills

 

About Altona Rare Earths Plc

 

Altona is a resource exploration and development company focused on Rare
Earths in Africa. The Company is listed on the Main Market of the London Stock
Exchange.

 

Rare Earths are a group of 17 chemical elements, many of which are critical to
the World's ongoing transition from carbon-based to renewable energies, and to
the defence and communication sectors.

 

The Company currently focuses on the development of Monte Muambe, its flagship
Magnet Rare Earths Project, located in Northwest Mozambique. The Project was
acquired in June 2021, and the Company currently holds 51%. Altona has so far
drilled over 7,800m, and defined a maiden JORC Mineral Resource Estimate of
13.6 million tons at 2.42% TREO. A Competent Person Report including the
Scoping Study for Monte Muambe was published on 18 October 2023. The Project
is now entering its Prefeasibility Study stage.

 

Altona continues to take advantage of its position in Africa to assess other
possible Rare Earths opportunities on the Continent.

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