https://www.miningweekly.com

Rainbow progresses Burundi rare earths project

22nd March 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Rare earth elements mining company Rainbow Rare Earths has started work on the now fully permitted Gakara rare earths project, in Burundi, ahead of trial mining.

Following its $8-million fundraising and successful initial public offering (IPO) on the LSE in January, preparation for mining at Gakara progressed at the first production site Gasagwe, with haulage and access road construction a primary focus, in addition to the establishment of the basic infrastructure for the mine site.

Rainbow is targeting first production and sales of rare earths concentrate by the end of 2017, with a full local labour force now recruited.

“It has been a very busy period since completion of the $8-million fundraise and IPO and, as a result, Rainbow has made great progress in delivering on the strategy we presented to investors, namely bringing our Gakara project to production and sales within nine months,” said Rainbow CEO Martin Eales.

Rainbow signed a full engineering, procurement and construction management contract with South Africa’s Obsideo Consulting for the completion of the design, supply and construction, as well as commissioning and handover, of its ore processing plant by the fourth quarter of this year.

In addition, the initial extraction of run-of-mine ore from the high-grade veins will start in due course, increasing in quantity once the company has taken delivery of its first fleet of mining machinery around the end of April.

Meanwhile, Rainbow has elected to repay Pala Investments $1.7-million in full and final settlement of the outstanding loan facility and the company is now debt free.

Edited by Creamer Media Reporter

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
Updated 7 hours ago
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.187 0.229s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: