Rainbow Rare Earths has issued a further update on its Gakara Rare Earth Project in Burundi.
Gakara was one of the highest grade rare earth element mining projects globally with an estimated in situ grade of 47-67% Total Rare Earth Oxide ('TREO'), ahead of targeted first production and sales of rare earth concentrate in Q4 2017.
- Mining to remove overburden commenced at initial mine site Gasagwe in April 2017 ahead of stockpiling the high grade material from the main vein;
- Discovery of several unrecorded veins at Gasagwe further supports the Company's confidence of significant upside to the known mineralisation;
- Upgrades to local infrastructure to support haul vehicles transporting run of mine ('ROM') ore to the processing plant in development at Kabezi;
- Significant progress made with preparation work at the Kabezi site with permitting concluded ahead of commencement of civil works and construction of processing plant; and
- Mining and plant construction timetable remains on track to deliver first rare earth concentrate for sale in Q4 2017.
At 9:49am: (LON:RBW) Rainbow Rare Earths Limited Ord Npv share price was +0.38p at 12.63p