Rainbow Rare Earths Limited Initial Results from Uberaba confirm Rare Earths (6205L)
2023年9月7日 - 3:00PM
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RNS Number : 6205L
Rainbow Rare Earths Limited
07 September 2023
7 September 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Initial Results from Uberaba phosphogypsum stack confirms Rare
Earths Opportunity
Rainbow Rare Earths is pleased to announce the assay results of
the samples from the Uberaba phosphogypsum stack in Brazil that is
the subject of the recently announced memorandum of understanding
("MOU") between Rainbow and The Mosaic Company ("Mosaic").
Highlights
-- Initial assay analysis from samples indicates an average
grade of 0.58% total rare earth oxides ("TREO"), higher than the
0.44% TREO for the Phalaborwa project.
-- The Uberaba basket contains all four of the most economically
important rare earths, Neodymium and Praseodymium ("NdPr"),
Dysprosium ("Dy") and Terbium ("Tb"), with NdPr representing ca.
25% of the basket; NdPr represents ca. 29% of the basket at
Phalaborwa.
Rainbow assayed gypsum samples from different areas of the
Mosaic stack , which were sent to SGS Laboratories ("SGS") in
Toronto for testing. These initial results, considered positive,
confirm that the Uberaba phosphogypsum stack has similar
characteristics to Phalaborwa given that both stacks are based upon
a hard rock carbonatite phosphate deposit.
Rainbow is encouraged by these results and is therefore planning
additional test work at SGS around the mineralogy to identify the
rare earth phases and facilitate the development of a process test
programme.
Following the development of the process flowsheet, the next
step entails producing a preliminary economic assessment of this
opportunity to extract rare earths.
George Bennett, CEO of Rainbow, commented: "These positive
initial assay results confirm that Uberaba represents a major
opportunity for Rainbow to be able to develop an economic project
along the lines of Phalaborwa, due to the similar nature of both
gypsum resources. The Uberaba phosphogypsum stack is expected to be
considerably larger in size than Phalaborwa and it is exciting that
initial results indicate it could have a higher rare earth basket
price, due to the higher NdPr content. We expect that a significant
portion of the process flowsheet and intellectual property
developed for Phalaborwa can be applied to rare earth extraction at
Uberaba."
For further information, please contact:
Rainbow Rare Earths George Bennett
Ltd Company Pete Gardner +27 82 652 8526
Cathy Malins +44 7876 796 629
(IR) cathym@rainbowrareearths.com
Matthew Armitt
Berenberg Broker Jennifer Lee +44 (0) 20 3207 7800
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk
Notes to Editors:
About Rainbow:
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 permanent magnet rare earth elements
neodymium and praseodymium, dysprosium and terbium.
The Company is focused on the development of the Phalaborwa Rare
Earths Project in South Africa and the earlier stage Uberaba
Project in Brazil. Both projects entail the recovery of rare earths
from phosphogypsum stacks that occur as the by-product of
phosphoric acid production, with the original source rock for both
deposits being a hardrock carbonatite. Rainbow will use a
proprietary separation technique developed by and in conjunction
with its partner K-Technologies, Inc., 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 commenced in 2023, with the project expected to reach
commercial production in 2026, just five years after work began on
the project by Rainbow.
More information on the company is available at
www.rainbowrareearths.com .
[1] Net present value using a 10% forward discount rate
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