LSE-listed Rainbow Rare Earths has acquired ten mining claims in Zimbabwe, as part of its strategy to augment its rare-earth portfolio.
Zimbabwe is geologically well known for hosting a large number of minerals, including gold, battery metals, coal, platinum-group metals (PGM) and chrome resources. Zimbabwe has the second-largest PGM and chrome resources globally.
The properties, while not historically explored for rare earths, have been explored for phosphate in the past.
Rainbow has acquired these licences through its wholly owned Zimbabwe subsidiary Rainbow Zimbabwe, which will hold 100% of the licences, with no free-carried interest for the government.
Rainbow will immediately begin with an exploration programme, including geological mapping, sampling and assaying with the aim to conclude an interpretation report with focus on rare-earth element potential, namely sizes, grades and mineralogy.
"With our strategic intent for our licences in Burundi well on track, the company stabilised, I believe this is a great opportunity to diversify the portfolio, with low risk and minimal capital outlay," says Rainbow CEO George Bennett.