Rainbow Rare Earths Limited US Congressional Delegation hosted at Phalaborwa
18 Janvier 2024 - 8:24AM
RNS Non-Regulatory
TIDMRBW
Rainbow Rare Earths Limited
18 January 2024
18 January 2024
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
U.S. Congressional Staff Delegation hosted at Phalaborwa
-- Site visit for U.S. Congressional staff delegation further to
the recent US$50 million investment commitment directly into the
Phalaborwa project from the U.S. International Development Finance
Corporation ("DFC") via TechMet Limited ("TechMet")
-- Rainbow's Phalaborwa project identified as a strategic and
near-term source of critical rare earths
NEWS RELEASE
Rainbow Rare Earths recently welcomed a U.S. Congressional staff
delegation to the Phalaborwa rare earths development project in
South Africa for a site visit.
The visit follows the recent announcement by the DFC that it
would be committing funding of US$50 million to TechMet for direct
investment into Phalaborwa. This announcement was made on 3
December 2023 at COP28, the United Nation's Climate Change
Conference, demonstrating the global effort to responsibly scale
production of the metals essential for clean energy technologies.
The four rare earths that will be produced at Phalaborwa -
neodymium, praseodymium, dysprosium and terbium - are all
designated as critical minerals further to their important role in
the transition to the green economy.
George Bennett, CEO of Rainbow, commented: "We were delighted to
host a bipartisan delegation of U.S. Congressional staffers to site
over the Christmas holiday period, which further confirms the
interest Phalaborwa is receiving from the highest levels in the
U.S. Government. Phalaborwa is rightly gaining traction as an
important and strategic source of all four of the critical rare
earths required for the green energy transition, as well as other
next generation technologies, including those essential to defence
and national security."
The delegation welcomed at site comprised Joe Foltz, Staff
Director, U.S. House Foreign Affairs Committee, Subcommittee on
Africa, Jimmy Walsh, a Senior Professional Staff Member, Brendan
Ramsay, Staff Director, U.S. House Foreign Affairs Committee
Minority, Subcommittee on Global Health, Global Human Rights, and
International Organizations, and David Freeman, First Secretary,
Environment, Science, Technology, Health, and Minerals at the U.S.
Embassy Pretoria.
The delegation at Phalaborwa. From left to right: David Freeman,
Jimmy Walsh, George Bennett, Joe Foltz, Brendan Ramsay.
For further information, please contact:
Rainbow Rare Earths George Bennett
Ltd Company Pete Gardner +27 82 652 8526
IR Cathy Malins +44 7876 796 629
cathym@rainbowrareearths.com
Matthew Armitt
Berenberg Broker Jennifer Lee +44 (0) 20 3207 7800
Ashton Clanfield
Stifel Broker Varun Talwar +44 20 7710 7600
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk
Notes to Editors:
About Rainbow:
Rainbow Rare Earths aims to be a forerunner in the establishment
of an independent and ethical supply chain of the rare earth
elements that are driving the green energy transition. It is doing
this successfully via the identification and development of
secondary rare earth deposits that can be brought into production
quicker and at a lower cost than traditional hard rock mining
projects, with a focus on the permanent magnet rare earth elements
neodymium and praseodymium, dysprosium and terbium.
The Company is focused on the development of the Phalaborwa Rare
Earths Project in South Africa and the earlier stage Uberaba
Project in Brazil. Both projects entail the recovery of rare earths
from phosphogypsum stacks that occur as the by-product of
phosphoric acid production, with the original source rock for both
deposits being a hardrock carbonatite. Rainbow intends to use a
proprietary separation technique developed by and in conjunction
with its partner K-Technologies, Inc., which simplifies the process
of producing separated rare earth oxides (versus traditional
solvent extraction), leading to cost and environmental
benefits.
The Phalaborwa Preliminary Economic Assessment has confirmed
strong base line economics for the project, which has a base case
NPV(10) of US$627 million[1], an average EBITDA operating margin of
75% and a payback period of < two years. Pilot plant operations
commenced in 2023, with the project expected to reach commercial
production in 2026, just five years after work began on the project
by Rainbow.
More information is available at www.rainbowrareearths.com .
[1] Net present value using a 10% forward discount rate
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