Rainbow Rare Earths Limited Results of Annual General Meeting (0556U)
21 Novembre 2023 - 8:00AM
UK Regulatory
TIDMRBW
RNS Number : 0556U
Rainbow Rare Earths Limited
21 November 2023
21 November 2023
Rainbow Rare Earths Limited
("Rainbow" or "the Company")
LSE: RBW
Results of Annual General Meeting ("AGM")
Rainbow announces that at the AGM of the Company held at the
Company's registered office, Connaught House, St Julian's Avenue,
St Peter Port, Guernsey GY1 1GZ on 20 November 2023 at 2.00pm, all
resolutions proposed were duly passed.
**ENDS**
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
Jennifer Lee
Berenberg Broker Detlir Elezi +44 (0) 20 3207 7800
Tavistock Communications PR/IR Charles Vivian +44 (0) 20 7920 3150
Tara Vivian-Neal rainbowrareearths@tavistock.co.uk
Notes to Editors:
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 less than 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.
For more information, visit www.rainbowrareearths.com
[1] Net present value using a 10% forward discount rate
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END
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