Source - RNS
RNS Number : 4338K
Rainbow Rare Earths Limited
10 April 2018
 

FOR IMMEDIATE RELEASE

 

 

Rainbow Rare Earths Ltd ('Rainbow' or 'the Company') (LSE: RBW)

Response to Press Comments

 

Rainbow, the high grade rare earth producer, notes press reports this morning concerning anticipated production from its Gakara Rare Earths Mine following a news conference held in Bujumbura, Burundi on 9 April 2018.  The Company's production forecast remains unchanged at a run rate of 5,000 tonnes per year (approximately 400 tonnes per month) of rare earth concentrate by end of calendar year 2018.

 

**ENDS**

 

For further information, please contact:

 

Rainbow Rare Earths Ltd

Martin Eales

Tel: +44 (0) 20 3910 4550

St Brides Partners Ltd

Lottie Wadham

Susie Geliher

Tel: +44 (0) 20 7236 1177

Arden Partners plc

Paul Shackleton

Benjamin Cryer

Tel: +44 (0) 20 7614 5900

 

Notes to Editors:

 

Rainbow's focus is the Gakara Project in Burundi, one of the highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects globally and the only African producer. 

 

The Company began production of rare earth concentrates in Q4 2017 and is currently ramping up to a targeted run rate of 5,000tpa by the end of 2018 and 6,000tpa by the end of 2019.  Rainbow has a ten-year distribution and offtake agreement with multinational thyssenkrupp Raw Materials secured for the sale of at least 5,000tpa of concentrate produced.

 

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 company news service from the London Stock Exchange
 
END
 
 
RSPBBLFFVZFLBBE