Rainbow Rare Earths Limited Response to Press Comments (4338K)
April 10 2018 - 5:30AM
UK Regulatory
TIDMRBW
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 Martin Eales Tel: +44 (0)
Ltd 20 3910 4550
-------------------- ---------------- --------------
St Brides Partners Lottie Wadham Tel: +44 (0)
Ltd Susie Geliher 20 7236 1177
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Arden Partners plc Paul Shackleton Tel: +44 (0)
Benjamin Cryer 20 7614 5900
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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
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