Rainbow completes Phalaborwa due diligence
LSE-listed Rainbow Rare Earths has completed an initial due diligence of the Phalaborwa rare earths project, in South Africa.
Rainbow and Bosveld Phosphates in November entered into a co-development agreement for the Phalaborwa project, which holds about 35-million tonnes of gypsum resulting from historic phosphate hard rock mining, containing rare earth elements (REEs).
The partners intend to jointly develop and process REEs from the gypsum contained in two stacks at the project site.
Initial grab sample assays from the about 35-million-tonne gypsum stacks indicate that they hold about about 210 000 t of contained total rare earth oxides (TREOs), with neodymium (Nd) and praseodymium (Pr) – together NdPr – anticipated to constitute about 30% of the TREO basket.
Rainbow has paid Bosveld an initial $250 000, with two further payments of $250 000 each to be paid over the next 12 months.
"We are delighted to have completed our initial due diligence on the significant body of data available from the historical pilot plant operations, which continues to show encouraging results and underscores our confidence in this exciting project.
"I look forward to updating the market on progress, as we believe Phalaborwa will enable the company to become a very significant producer of NdPr, the two key metals required for the permanent magnets to drive the electric vehicles and wind turbines of the green revolution," comments Rainbow CEO George Bennett.
Rainbow is also developing the Gakara rare earths project, in Burundi.
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