Rainbow Rare Earths taking full ownership of the Phalaborwa project, puts it in a much better position to move forward and take strategic financing decisions, according to chief executive George Bennett.
"Having 100% ownership removes lots of niggly things that happen when you have a partner."
Rainbow Rare Earths remains on track to commence production in the third quarter of 2023, he added.
The company's pilot plant in South Africa has already shown promising results, producing a pliable product with 60% permeability—a mixture similar to carbonate.
Furthermore, their back-end pilot plant in Florida, US, is poised to produce separated growth oxides, making Rainbow Rare Earths one of the few global producers to achieve this level of refinement.
Bennett emphasised the significance of Rainbow Rare Earths' product range: "We produce all four of the permanent magnet rares: neodymium, praseodymium, terbium, and dysprosium."
“Notably, terbium and dysprosium are experiencing a significant shortage globally, with Chinese reserves estimated to last only another 10 years.
“As a result, Rainbow Rare Earths is set to become a significant producer of these crucial elements.”