REG - Altona Rare Earths - Minister Approval secured for Monte Muambe Holding

Altona Rare EarthsAnnouncement

15/01/2024 07:00

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RNS Number : 5849Z  Altona Rare Earths PLC  15 January 2024

15 January 2024

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

 

MINISTER APPROVAL OBTAINED FOR INCREASE IN MONTE MUAMBE HOLDING

 

Altona (LSE: REE), a resource exploration and development company focused on
Rare Earths in Africa, is pleased to announce that the Company has now
received formal regulatory approval from the Minister of Mineral Resources and
Energy regarding the increase of its holding in Monte Muambe Mining Limitada
to 51%, details of which were announced by the Company on 6 December 2023.

 

Monte Muambe Mining Limitada is the Mozambican subsidiary holding the
prospecting license encompassing the Monte Muambe Project.

 

Cedric Simonet, CEO of Altona, commented:

 

"We are very pleased with this promising progress.

 

"The speed with which approval was granted by the Ministry shows the level of
support our Monte Muambe project has."

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

To subscribe for RNS alerts, please visit:
https://www.altonare.com/investors/regulatory-news-alerts/
(https://www.altonare.com/investors/regulatory-news-alerts/)

 

-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 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 in 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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