Rainbow appoints new CEO
Rare earth minerals company Rainbow Rare Earths has appointed George Bennett as its CEO, with immediate effect.
He succeeds Martin Eales, who has been CEO since 2014 and who has stepped down.
With over 25 years’ experience in mining, finance and management, Bennett has led a number of mining and energy companies, including Shanta Gold, OreCorp, Argentum Energy and most recently Karo Power.
He also established MDM Engineering, which listed on the LSE in 2008.
Rainbow chairperson Adonis Pouroulis believes Bennett “will be instrumental” in helping the company reach its next stage of development.
Bennett, meanwhile, says his focus will remain on setting out a clear strategy based on stabilising production at the Gakara project, in Burundi, and developing an understanding of the deposit through an exploration programme, combined with a study of how best to develop the project.
In July, the miner raised $5-million in an accelerated bookbuild to invest in growing production at Gakara, which hosts a deposit with a very high run-of-mine grade, averaging 54.3% total rare earth oxide (Treo) for 141 853 t of contained Treo, with high-quality and well understood mineralogy.
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