Rainbow Rare Earths eyes first sales of rare earth concentrate from Gakara by YE 2017
2017-03-23 14:26:05 [Print]
BEIJING (Asian Metal) 23 Mar 17 - Rainbow Rare Earths Limited (“Rainbow”or “the Company”) announced an update on its high grade Gakara Rare Earth Project in Burundi ('Gakara') following its US$8 million fundraising and successful IPO on the London Stock Exchange on 30 January 2017
According to Rainbow, activity has commenced at fully permitted Gakara project ahead of trial mining with local labour force recruited. Initial extraction of run of mine ('ROM') ore from the high-grade veins will commence shortly, increasing in quantity once the Company has taken delivery of its first fleet of mining machinery around the end of April . Production of ROM ore will be stockpiled for approximately six months prior to commissioning of the ore processing plant.
Rainbow has also signed a full Engineering, Procurement and Construction Management ('EPCM') contract with Obsideo Consulting Pty Limited of South Africa for the design, supply and construction of its ore processing plant with a capital equipment value of approximately US$1.5 million with the agreed commissioning and handover date of the plant being in Q4 2017, in order to meet Rainbow's stated objective of making its first sales of rare earth concentrate, through its sales and distribution partner tk Raw Materials, before the end of 2017.
. Gakara is one of the highest grade (47-67% Total Rare Earth Oxide) rare earths projects globally and the Company is targeting first production and sales of rare earth concentrate by YE 2017.According to Rainbow, activity has commenced at fully permitted Gakara project ahead of trial mining with local labour force recruited. Initial extraction of run of mine ('ROM') ore from the high-grade veins will commence shortly, increasing in quantity once the Company has taken delivery of its first fleet of mining machinery around the end of April . Production of ROM ore will be stockpiled for approximately six months prior to commissioning of the ore processing plant.
Rainbow has also signed a full Engineering, Procurement and Construction Management ('EPCM') contract with Obsideo Consulting Pty Limited of South Africa for the design, supply and construction of its ore processing plant with a capital equipment value of approximately US$1.5 million with the agreed commissioning and handover date of the plant being in Q4 2017, in order to meet Rainbow's stated objective of making its first sales of rare earth concentrate, through its sales and distribution partner tk Raw Materials, before the end of 2017.