Rainbow Rare Earths issues 30m new shares to raise £4 5m miningweekly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miningweekly.com Daily Mail and Mail on Sunday newspapers.
London-listed Rainbow Rare Earths has agreed to issue about 72.45-million shares in the company to raise £7.52-million to further develop its Phalaborwa project, in South Africa. Existing shareholder TechMet contributed £5.54-million, while Pella Ventures – also an existing shareholder – contributed £790 000.
Notes to Editors: Rainbow s strategy is to become a globally-significant producer of rare earth metals. NdPr are vital components of the strongest permanent magnets used for the motors and turbines driving the green technology revolution. Analysts are predicting demand for magnet rare earth oxides will grow substantially over the coming years, driven by increasing adoption of green technology, pushing the overall market for NdPr into deficit. The Phalaborwa Rare Earths Project, located in South Africa, comprises an Inferred Mineral Resource Estimate of 38.3Mt at 0.43% TREO contained within gypsum tailings stacked in unconsolidated dumps derived from historic phosphate hard rock mining. High value NdPr oxide represent 29.1% of the total contained rare earth oxides, with economic Dysprosium and Terbium oxide credits enhancing the overall value of the rare earth basket contained in the stacks. The rare earths are contained in chemical form in the gypsum dumps, w