London-listed Altona Rare Earths has changed its name to NeoTerra Group, effective June 22, to reflect its evolution from a rare earth-focused exploration company into a broader critical minerals development platform with multiple commodity exposures, near-term production opportunities and a growing pipeline of strategic growth initiatives.

The company’s LSE ticker will change to TERA on June 23.

Over the past two years, the company says, it has evolved considerably beyond its mandate as a rare earths exploration company.

Its flagship Monte Muambe project, in Mozambique, has, in addition to rare earths, fluorspar and gallium resources, as well as recently identified heavy rare earths potential.

The company has also broadened its strategic focus to include the development of additional critical mineral opportunities capable of generating near-term cash flow and long-term growth.

As the company is entering a new phase of development, the name NeoTerra is said to better reflect its ambition to build a diversified African critical minerals platform focused on development, production and sustainable value creation, and not just exploration.

The company’s priorities for the remainder of the year are centred around advancing Monte Muambe towards development, progressing the fluorspar project towards production and expanding the group’s portfolio through disciplined business development.

Investment into the Monte Muambe project for Phase 3 of the earn-in agreement is close to reaching the minimum expenditure commitment for this phase, which will see the company’s holding in the project increase from 51% to 70%.

The company’s objective is to build a focused pipeline of quality critical minerals assets capable of supporting its revenue generation strategy and strengthening the NeoTerra value proposition.

NeoTerra’s long-term objective is to become a diversified African critical minerals development and production company.

It intends to focus on strategically important minerals where supply constraints, geopolitical considerations and increasing industrial demand create opportunities for disciplined developers capable of bringing quality projects into production.

“Changing our name to NeoTerra Group is more than a rebrand – it reflects an advancing transformation,” CEO Cedric Simonet says.

“Over the past year, we have strengthened Monte Muambe’s foundations across rare earths, fluorspar and gallium, secured US Trade and Development Agency support from the US government, and strengthened strategic engagement across critical mineral supply chains.

“We believe the company’s move beyond the traditional exploration model towards a broader development and growth strategy, supported by current commodity price dynamics, will create long-term shareholder value through production, cash generation and disciplined expansion,” he adds.