REG - Altona Rare Earths - Monte Muambe Mining Licence Update

Altona Rare EarthsAnnouncement

28/01/2025 07:00

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RNS Number : 8628U  Altona Rare Earths PLC  28 January 2025

28 January 2025

 

 

ALTONA RARE EARTHS PLC

("Altona" or "the Company")

 

 

MONTE MUAMBE MINING LICENCE UPDATE

 

Altona (LSE: REE), a resource exploration and development company focused on
critical raw materials in Africa, is pleased to announce that the Monte Muambe
rare earths and fluorspar project's mining licence number 11854 status has
been updated to "active" on the Mozambique Government's mining cadastre
system.

 

Monte Muambe mining licence update

 

Final submissions were made to the Ministry of Mineral Resources and Energy
("MIREME") in December 2024. The status of the mining licence (referred to in
Portuguese as concessão mineira) number 11854 has been updated to "active"
("em vigor"), with a validity extending up to  20 December 2049. The Company
expects to receive in due course a formal communication from MIREME with
respect to the approval of the mining licence. The mining licence is valid for
rare earths and associated minerals, which includes de facto fluorspar.

 

The Mozambique government mining cadastre can be consulted by the public on
the following link: https://portals.landfolio.com/mozambique/en/
(https://portals.landfolio.com/mozambique/en/)

 

 

Cedric Simonet, CEO of Altona, commented: "I am very pleased to start 2025
with these two significant steps forward for the Sesana copper project and the
Monte Muambe fluorspar project respectively.

 

"The grant of the Monte Muambe mining licence contributes to the derisking of
the project and will facilitate on-going discussions with potential strategic
investors, and at the same time opens the door to the rapid development of a
high-grade fluorspar production operation, subject to the completion of the
fluorspar mining scoping study announced in November."

 

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://investors.altonare.com/
(https://investors.altonare.com/)

-ends-

 

Altona Rare Earths Plc

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

Louise Adrian,
CFO
+44 (0) 7721 492 922

 

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

David
Coffman

Daniel Harris

 

 

About Altona Rare Earths Plc

 

Altona is a resource exploration and development company focused on critical
raw materials in Africa. The Company is listed on the Main Market of the
London Stock Exchange with the ticker "REE". The Company currently holds
copper, fluorspar and rare earths projects.

 

The Monte Muambe rare earths and fluorspar projects is 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 at Prefeasibility Study stage, with a focus on metallurgical testing
for rare earths extraction.

 

The Company is also assessing the possibility of rapidly putting in production
high-grade fluorspar veins occurring at Monte Muambe along the western margin
of the rare earth bearing carbonatite intrusion.

 

Altona is presently diversifying its portfolio by acquiring a limited number
of critical raw material projects to complement Monte Muambe. The acquisitions
of the Kabompo South copper project in Zambia and of the Sesana copper-silver
project in Botswana, located just 25 km from MMG's Khoemacau Zone 5
copper-silver mine, represent the first steps towards the implementation of
this expanded strategy.

 

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