REG - Altona Rare Earths - Monte Muambe Holding Increased To 51%

Altona Rare EarthsAnnouncement

06/12/2023 07:00

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RNS Number : 7898V  Altona Rare Earths PLC  06 December 2023

6 December 2023

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

 

MONTE MUAMBE HOLDING INCREASED TO 51%

 

Altona (LSE: REE), a resource exploration and development company focused on
Rare Earths in Africa, is pleased to announce that, following the successful
completion of Phase 2 of the Monte Muambe Rare Earths project as announced on
18 October 2023, its holding in Monte Muambe Mining Limitada has now increased
from 20% to 51%.

 

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

 

The transfer is subject to the final approval by the Minister of Mineral
Resources and Energy, which the Company has sought.

 

Cedric Simonet, CEO of Altona, commented: "We are delighted with this progress
and the increase of the Company's holding in Monte Muambe Mining Limitada to
51% materialises the rewards of the completion of Phase 2, representing an
important step in de-risking the project further."

 

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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 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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