28 January
2025
ALTONA RARE EARTHS
PLC
("Altona"
or "the Company")
MONTE MUAMBE MINING LICENCE
UPDATE
Altona (LSE: REE), a resource
exploration and development company focused on critical raw
materials in Africa, is pleased to announce that
the Monte Muambe rare earths and fluorspar project's mining licence
number 11854 status has been updated to "active" on the Mozambique
Government's mining cadastre system.
Monte Muambe mining licence update
Final submissions were made to the
Ministry of Mineral Resources and Energy ("MIREME") in December
2024. The status of the mining licence (referred to in Portuguese
as concessão mineira)
number 11854 has been updated to "active" ("em vigor"), with a validity extending
up to 20 December 2049. The Company expects to receive in due
course a formal communication from MIREME with respect to the
approval of the mining licence. The mining licence is valid for
rare earths and associated minerals, which includes de facto fluorspar.
The Mozambique government mining
cadastre can be consulted by the public on the following
link: https://portals.landfolio.com/mozambique/en/
Cedric Simonet, CEO of Altona, commented:
"I am very
pleased to start 2025 with these two significant steps forward for
the Sesana copper project and the Monte Muambe fluorspar project
respectively.
"The grant of the Monte Muambe mining licence contributes to
the derisking of the project and will facilitate on-going
discussions with potential strategic investors, and at the same
time opens the door to the rapid development of a high-grade
fluorspar production operation, subject to the completion of the
fluorspar mining scoping study announced in
November."
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended).
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-ends-
Altona Rare Earths Plc
Cédric Simonet, CEO
+44
(0) 7778 866 108
Louise Adrian,
CFO
+44 (0) 7721 492 922
Novum Securities Ltd (Corporate
Finance)
+44 (0) 20 7399 9400
David
Coffman
Daniel Harris
About Altona Rare Earths Plc
Altona is a resource exploration and
development company focused on critical raw materials in Africa.
The Company is listed on the Main Market of the London Stock
Exchange with the ticker "REE". The Company currently holds copper,
fluorspar and rare earths projects.
The Monte Muambe rare earths and
fluorspar projects is located in Northwest Mozambique. The Project
was acquired in June 2021, and the Company has so far drilled over
7,800m, and defined a maiden JORC Mineral Resource Estimate of 13.6
million tons at 2.42% TREO. A Competent Person Report including the
Scoping Study for Monte Muambe was published on 18 October 2023.
The Project is now at Prefeasibility Study stage, with a focus on
metallurgical testing for rare earths extraction.
The Company is also assessing the
possibility of rapidly putting in production high-grade fluorspar
veins occurring at Monte Muambe along the western margin of the
rare earth bearing carbonatite intrusion.
Altona is presently diversifying its
portfolio by acquiring a limited number of critical raw material
projects to complement Monte Muambe. The acquisitions of the
Kabompo South copper project in Zambia and of the Sesana
copper-silver project in Botswana, located just 25 km from MMG's
Khoemacau Zone 5 copper-silver mine, represent the first steps
towards the implementation of this expanded strategy.
