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RNS Number : 7684Z Rainbow Rare Earths Limited 16 January 2024
16 January 2024
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Appointment of Stifel as Joint Broker
Rainbow Rare Earths is pleased to announce the appointment of Stifel Nicolaus
Europe Limited ("Stifel") as joint broker to the Company with immediate
effect. Stifel will work alongside Rainbow's incumbent broker, Berenberg,
Gossler & Co KG ("Berenberg"), to further broaden the Company's share
register and investor access globally as it progresses the Phalaborwa rare
earths development project in South Africa and the earlier stage Uberaba
project in Brazil.
George Bennett, CEO of Rainbow, commented: "The appointment of Stifel is a
positive step forward in the development of Rainbow, the Phalaborwa project
and our project pipeline. Stifel has deep industry experience within the
natural resources space, as well as global operations. Their franchise within
North America will be particularly relevant to Rainbow as we continue to grow
our presence in the region, further to the U.S. Government's backing of the
Phalaborwa project via the investment commitment from the U.S. International
Development Finance Corporation (DFC) and TechMet Limited, as announced at
COP28 in Dubai last month."
For further information, please contact:
Rainbow Rare Earths Ltd Company George Bennett +27 82 652 8526
Pete Gardner
IR Cathy Malins +44 7876 796 629
cathym@rainbowrareearths.com (mailto:cathym@rainbowrareearths.com)
Berenberg Broker Matthew Armitt +44 (0) 20 3207 7800
Jennifer Lee
Stifel Broker Ashton Clanfield +44 20 7710 7600
Varun Talwar
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk (mailto:rainbowrareearths@tavistock.co.uk)
Notes to Editors:
About Rainbow:
Rainbow Rare Earths aims to be a forerunner in the establishment of an
independent and ethical supply chain of the rare earth elements that are
driving the green energy transition. It is doing this successfully via the
identification and development of secondary rare earth deposits that can be
brought into production quicker and at a lower cost than traditional hard rock
mining projects, with a focus on the permanent magnet rare earth elements
neodymium and praseodymium, dysprosium and terbium.
The Company is focused on the development of the Phalaborwa Rare Earths
Project in South Africa and the earlier stage Uberaba Project in Brazil. Both
projects entail the recovery of rare earths from phosphogypsum stacks that
occur as the by-product of phosphoric acid production, with the original
source rock for both deposits being a hardrock carbonatite. Rainbow intends to
use a proprietary separation technique developed by and in conjunction with
its partner K-Technologies, Inc., which simplifies the process of producing
separated rare earth oxides (versus traditional solvent extraction), leading
to cost and environmental benefits.
The Phalaborwa Preliminary Economic Assessment has confirmed strong base line
economics for the project, which has a base case NPV(10) of US$627 million 1 ,
an average EBITDA operating margin of 75% and a payback period of < two
years. Pilot plant operations commenced in 2023, with the project expected to
reach commercial production in 2026, just five years after work began on the
project by Rainbow.
More information is available at www.rainbowrareearths.com
(http://www.rainbowrareearths.com/) .
1 Net present value using a 10% forward discount rate
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