London-listed Altona’s shareholding in Monte Muambe Mining Limitada has now increased from 20% to 51%, following the successful completion of Phase 2 of the Monte Muambe rare earths project.
Monte Muambe Mining Limitada is the Mozambican subsidiary holding the prospecting licence encompassing the Monte Muambe project.
The transfer is subject to the final approval by the Minister of Mineral Resources and Energy, which the company has sought.
“We are delighted with this progress and the increase of the company’s holding in Monte Muambe Mining Limitada to 51% materialises the rewards of the completion of Phase 2, representing an important step in de-risking the project further,” says Altona CEO Cedric Simonet.