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Rainbow Rare Earths Limited

Rainbow Rare Earths brings in mining veteran as chief executive

Adonis Pouroulis, Rainbow’s chairman, said he was delighted to have attracted a person of the calibre of Bennett.

Rainbow Rare Earths Limited -
Electric vehicles are expected to boost the use of rare earth metals

 

Burundi-based Rainbow Rare Earths PLC (LON:RBW) has changed its senior management with George Bennett taking over as chief executive.

Bennett has formed and run many mining and energy companies in a 25-year career including Shanta Gold, OreCorp, Argentum while in 2014 he sold MDM Engineering to Foster Wheeler for US$120mln. 

Martin Eales, who has been chief executive since 2014, is stepping down.

Adonis Pouroulis, Rainbow’s chairman, said he was delighted to have attracted a person of the calibre of Bennett.

“We think he will be instrumental in helping Rainbow reach the next stage of its development.“ 

Pouroulis added that Rainbow’s latest quarter was affected by heavy rain at the Gakara project, which meant on-site trucks were not able to operate effectively.

The amount of ore mined dropped to 230 tonnes from 347t in the previous three months. For the year to June production was 1,638t (1,005t).

“These production challenges clearly underlined the importance of raising finance to purchase new trucks in order to address operating efficiencies ahead of the next rainy season, which begins in October," said Pouroulis.

 Concentrate prices also dropped in the quarter to US$1,448 per tonne from US$1,653 per tonne in the quarter to 31 March.

Quick facts: Rainbow Rare Earths Limited

Price: £0.03

Market: LSE
Market Cap: £10.65 m
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