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Rainbow Rare Earths - Production and Covid-19 update

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.

 

**ENDS**

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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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