REG - Rainbow Rare Earths - Results of AGM

Rainbow Rare EarthsAnnouncement

18/11/2021 07:00

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RNS Number : 7530S  Rainbow Rare Earths Limited  18 November 2021

FOR IMMEDIATE RELEASE

18 November 2021

 

Rainbow Rare Earths Limited

("Rainbow" or the "Company")

(LSE: RBW)

 

Results of Annual General Meeting ("AGM")

 

Rainbow announces that at the AGM of the Company held at the Company's
registered office, Trafalgar Court, 2nd Floor East Wing, Admiral Park, St
Peter Port, Guernsey GY1 3EL on 17 November 2021 at 11.00am, all resolutions
proposed were duly passed.

 

**ENDS**

For further information, please contact:

 Rainbow Rare Earths Ltd         Company  George Bennett     +27 82 652 8526

 SP Angel Corporate Finance LLP  Broker   Ewan Leggat        +44 (0) 20 3470 0470

                                          Charlie Bouverat

 

Notes to Editors:

Rainbow's strategy is to become a globally-significant producer of rare earth
metals. Nd/Pr are vital components of the strongest permanent magnets used for
the motors and turbines driving the green technology revolution. Analysts are
predicting demand for magnet rare earth oxides will grow substantially over
the coming years, driven by increasing adoption of green technology, pushing
the overall market for Nd/Pr into deficit.

The Phalaborwa Rare Earths Project, located in South Africa, comprises an
Inferred Mineral Resource Estimate of 38.3Mt at 0.43% total rare earths oxides
("TREO") contained within gypsum tailings stacked in unconsolidated dumps
derived from historic phosphate hard rock mining.  High value Nd/Pr oxide
represent 29.1% of the total contained rare earth oxides, with economic
Dysprosium and Terbium oxide credits enhancing the overall value of the rare
earth basket contained in the stacks.  The rare earths are contained in
chemical form in the gypsum dumps, which is expected to deliver a higher-value
rare earth carbonate, with lower operating costs than a typical rare earth
mineral project.

The Company's Gakara Project in Burundi has produced one of the highest-grade
concentrates in the world (typically 54% TREO) through trial mining
operations.  The Gakara basket is weighted heavily towards Nd/Pr, which
account for over approximately 19.5% of the contained TREO and 85% of the
value of the concentrate.

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