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Africa|Exploration|Financial|PROJECT|Environmental
africa|exploration|financial|project|environmental

Rainbow sets 2024 priorities, including to raise $3.4m

30th October 2023

By: Marleny Arnoldi

Deputy Editor Online

     

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As London-listed Rainbow Rare Earths reports to shareholders on having achieved various milestones in the financial year ended June 30, it is set to focus on the production of separated rare earth oxides at a back-end pilot plant in the US and complete a definitive feasibility study (DFS) by the end of 2024.

Rainbow already achieved a major milestone with the production of first mixed rare earth sulphates from phosphogypsum material at a front-end pilot plant in Johannesburg, South Africa, it notes in an October 30 statement to shareholders.

The material stems from the company’s Phalaborwa project, in South Africa, which is undergoing environmental permitting and a DFS.

The front-end material will be used as feed for the back-end pilot plant, for further processing to produce separated rare earth oxides.

The company will also prioritise gaining a better understanding of the mineralogy of the Uberaba stack, which will inform the future work programme around resource delineation and the development of a flowsheet.

Rainbow has a memorandum of understanding in place with Mosaic Company to undertake test work on the earlier stage Uberaba phosphogypsum project, in Brazil.

Rainbow intends to continue evaluating the optimal technique for the extraction of rare earth elements from sedimentary-sourced phosphogypsum. “While it is a longer term project, it represents an exciting opportunity for Rainbow owing to the scale of the opportunity if test work can achieve favourable results,” CEO George Bennett states.

Importantly, the company continues to develop its sustainability approach and practices, including through conducting a lifecycle assessment at the Phalaborwa mine, in South Africa, to understand the environmental impacts associated with the lifecycle of rare earths production.

Rainbow spent just under $3-million on exploration and evaluation of the Phalaborwa project, particularly as works to inform the DFS have advanced.

The group has $8.1-million of cash and cash equivalents on hand.

The company estimates it will need to raise $3.4-million of additional funding before December 31, 2024, depending on the speed at which the Phalaborwa DFS is completed.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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