REG - Rainbow Rare Earths - Production and Covid-19 update

Rainbow Rare EarthsAnnouncement

15/04/2020 07:00

RNS Number : 6545J
  
Rainbow Rare Earths Limited
  
15 April 2020
  
 

 
15 April 2020
Rainbow Rare Earths Limited 
("Rainbow" or the "Company")
(LSE: RBW)
 
Production and Covid-19 update
 
Rainbow Rare Earths Ltd, the Rare Earth Element ("REE") mining company, is pleased to announce that it has exported a further 100 tonnes of concentrate, following on from the 75 tonnes sold in February 2020.
Production at the Gakara mine has been steadily growing since December, and further increases are expected as a result of the commissioning of the fleet of five new trucks this month, as well as the advent of drier weather. 
The impact of Covid-19 in Burundi has been limited to the closure of a number of borders, including the airport of Bujumbura. However, the import and export of goods continues to be permitted via the land border with Tanzania, which has meant that the operations at the mine have been able to continue largely as normal. 
 
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For further information, please contact




Rainbow Rare Earths Ltd 


Company


George Bennett 
Jim Wynn 


+27 82 652 8526 
+44 (0) 20 3910 4551 




SP Angel Corporate Finance LLP


Joint Broker


Ewan Leggat
Charlie Bouverat


+44 (0) 20 3470 0470




Turner Pope Investments


Joint Broker


Andy Thacker
Zoe Alexander


+44 (0) 20 3657 0050




 
Notes to Editors: 
Rainbow's focus is the Gakara Project in Burundi, which produces one of the highest-grade concentrates in the world (typically 54% Total Rare Earth Oxide) and is the only African producer. 
 
The Gakara basket is weighted heavily towards the magnet rare earths, including neodymium and praseodymium, which are driving demand and account for 70% of annual global REE sales due to their use in vital components in motors, generators, wind turbines, and electric vehicles.


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