Rainbow Rare Earths Limited Appointment of Non-Executive Director (3262C)
2023年6月12日 - 3:00PM
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RNS Number : 3262C
Rainbow Rare Earths Limited
12 June 2023
12 June 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Appointment of Darryll Castle as Non-Executive Director
Rainbow Rare Earths is pleased to announce that Mr Darryll
Castle has joined the Board as a Non-Executive Director. Mr
Castle's appointment is pursuant to the nomination right held by
TechMet Limited ("TechMet"), as set out in the Company's recent
private placement announcement dated 9 May 2023, whereby TechMet
may nominate one Director to the Board of Rainbow for so long as it
holds at least 10% of the issued shares in the Company. Further to
its major participation in the private placement, TechMet now holds
71,618,369 shares in Rainbow, which represents 12.0% of the
Company's issued share capital.
Mr Castle is currently Director of Operations for TechMet. With
a background in engineering, he has over 30 years' experience
across company leadership, project/operational delivery and
transformation, technical planning and implementation, fund
management, business development and governance roles.
Through his extensive career he has served as an executive
director of a number of mining and production companies including
CEO of Trafigura Mining Group, CEO of PPC Cement (JSE listed) and
CEO of Anvil Mining (TSX and ASX listed), where he was instrumental
in completing the sale of Anvil Mining to China Minmetals for
US$1.3 billion, and COO at Metorex Group Limited, as well as
multiple board memberships of listed and private companies.
Mr Castle has first-hand operations and projects experience
globally including in Cuba, Spain, Peru, and particularly on the
African continent, having run projects and companies in the DRC,
Zambia, Angola, Zimbabwe, Ethiopia, Rwanda and Tanzania.
Mr Castle is a South African national and holds a B.Sc in Civil
Engineering from the University of KwaZulu-Natal and a Batchelor of
Commerce from the University of South Africa, a Masters of Business
Administration (MBA) and the Chartered Financial Analyst (CFA)
qualification.
Within the last five years, Mr Castle was a director of Basil
Read Holdings (JSE listed). The Company confirms that there is no
further information required to be disclosed pursuant to paragraph
9.6.13 of the UK Listing Rules.
George Bennett, CEO of Rainbow, commented: "We are delighted to
welcome Darryll to the Board. His extensive mining and operating
experience globally, but particularly across Africa, will be highly
valuable to Rainbow. He is joining the Company at a critical point
as we are set to deliver on the operation of the Phalaborwa pilot
plant over the coming months, both via the delivery of a mixed rare
earth sulphate from the plant front end in South Africa and via the
delivery of separated rare earth oxides from the plant back end in
the USA. We look forward to working with Darryll at this exciting
juncture for the Company."
Rainbow has today also uploaded a new investor presentation to
its corporate website, which can be accessed here:
https://www.rainbowrareearths.com/investors/results-reports-presentations/
.
For further information, please contact:
Rainbow Rare Earths
Ltd Company George Bennett +27 82 652 8526
Pete Gardner
Cathy Malins
(IR) +44 7876 796 629
cathym@rainbowrareearths.com
Berenberg Broker Matthew Armitt +44 20 3207 7800
Jennifer Lee
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk
Notes to Editors:
Rainbow Rare Earths aims to be a forerunner in the establishment
of an independent and ethical supply chain of the rare earth
elements that are driving the green energy transition. It is doing
this successfully via the identification and development of
secondary rare earth deposits that can be brought into production
quicker and at a lower cost than traditional hard rock mining
projects, with a focus on the magnet rare earth elements neodymium
and praseodymium ("NdPr"), dysprosium and terbium.
The Phalaborwa Rare Earths Project, located in South Africa,
comprises a total Mineral Resource Estimate of 30.4 Mt at 0.44%
TREO contained within unconsolidated gypsum stacks derived from
historic phosphate hard rock mining. High value NdPr oxide
represents 29.0% of the total contained rare earth oxides, with
economic Dysprosium and Terbium oxide credits enhancing the overall
value of the rare earth basket in the stacks. Rainbow will use a
proprietary separation technique developed by its partner
K-Technologies, Inc. for the plant at Phalaborwa, which simplifies
the process of producing separated rare earth oxides (versus
traditional solvent extraction), leading to cost benefits, as well
as being more environmentally friendly.
The Phalaborwa Preliminary Economic Assessment has confirmed
strong base line economics for the project, which has a base case
NPV(10) of US$627 million [1] , an average EBITDA operating margin
of 75% and a payback period of < two years. Pilot plant
operations will commence in 2023, with the project expected to
reach commercial production in 2026, just five years after work
began on the project by Rainbow.
[1] Net present value using a 10% forward discount rate
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June 12, 2023 02:00 ET (06:00 GMT)
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