REG - Rainbow Rare Earths - Retirement of Non Executive Director

Rainbow Rare EarthsAnnouncement

20/01/2022 13:05

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RNS Number : 1178Z  Rainbow Rare Earths Limited  20 January 2022

 

 

20 January 2022

 

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

 

Retirement of Non-Executive Director

 

Rainbow Rare Earths, the rare earths company with assets in South Africa and
Burundi, today announces that Robert Sinclair, a Non-Executive Director who
has been on the Board of Rainbow since the incorporation of the Company in
2011, will retire with immediate affect due to health reasons.

 

Rainbow Rare Earths Chairman, Adonis Pouroulis, commented:

"I would like to thank Robert for the considerable contribution he has made to
Rainbow during his years of service.  Robert has added a considerable amount
of value to the Board since we founded the Company in 2011.  On behalf of the
Rainbow team, we wish him full recovery and good health and all the best for
his future endeavours."

**ENDS**

 

For further information, please contact:

 

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

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

                                                           Charlie Bouverat
 Flagstaff Strategic and Investor Communications           Tim Thompson       +44 (0) 207 129 1474

                                                           Fergus Mellon      rainbowrareearths@flagstaffcomms.com
                                                                              (mailto:rainbowrareearths@flagstaffcomms.com)

 

Notes to Editors:

Rainbow Rare Earth'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 accelerating the 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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