Name of the Project
Monte Muambe rare earths project.

Location
North-western Mozambique.

Project Owner/s
Altona Rare Earths (51%).

Project Description
A scoping study has proposed the openpit mining of Target 1 and Target 4 at the Monte Muambe project over a life-of-mine of 18 years.

An estimated 750 000 t/y of ore is planned to be extracted and processed through a beneficiation plant to produce a rare-earth concentrate.

The beneficiation process will include crushing, milling and flotation.

The concentrate will be processed through a hydrometallurgical plant to produce an average of 15 000 t/y of mixed rare-earth carbonate.

The hydrometallurgical process will involve a weak acid gangue leach, followed by rare earths leaching and purification.

The mixed rare-earth concentrate product will be packaged and transported by existing road infrastructure to the Port of Beira, in Mozambique, for export.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $283.3-million and an internal rate of return of 25%, with a payback of 2.5 years.

Capital Expenditure
Initial capital expenditure is estimated at $276.3-million.

Planned Start/End Date
Not stated.

Latest Developments
Altona has reported several achievements during the six months ended December 31, 2023, including its first Joint Ore Reserves Committee (Jorc) mineral resource estimate, a scoping study, the increase of Monte Muambe's holding to 51% and a mining licence application.

The project has a mineral resource of about 13.6-million tons at 2.42% total rare-earth oxides (TREOs) using a cutoff grade of 1.5% TREO, including 0.31% neodymium/praseodymium oxide representing 42 500 t contained neodymium/praseodymium oxide.

Advanced metallurgical studies are ongoing, with the results expected to lead to a considerable improvement in the project’s operational and capital expenditure.

A portfolio expansion and diversification programme has started with the acquisition of the Kabompo South copper project, in Zambia. Field activities will start in the second quarter of 2024.

Altona aims to continue to derisk Monte Muambe, especially through ongoing mineralogical and metallurgical testwork, the results of which are expected to impact favourably on the project’s economic parameters, but  also the licensing process.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Altona Rare Earths business development, Christian Taylor-Wilkinson, tel +44 7795 168 157 or email ctw@altonaRE.com.