UK's Rainbow Rare Earths gains on optional investment agreement with TechMet

Rainbow Rare Earths

08/11/2023 08:45

** Shares of Rainbow Rare Earths  RBWR.L  jump about 14% to
15.5p, stock top pct gainer across London shares
    ** The developer of secondary rare earth deposits signs
agreement with critical metals investor TechMet for optional
investment of $50 mln for direct stake in Rainbow's Phalaborwa
project in South Africa
    ** RBWR says under the terms of option, investment will give
TechMet between 15%-33% direct equity interest in Phalaborwa
project
    ** Co sees TechMet investment as a "significant validation
of the robust economics of Phalaborwa"
    ** Including session's gains, stock up ~55% YTD 

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))