Rainbow Rare Earths Reports Strong Progress at Phalaborwa Project, Eyes Market Expansion

Proactive - Interviews for investors

Rainbow Rare Earths CEO George Bennett joined Steve Darling from Proactive to share updates on the company’s impressive progress for the year ended June 30, 2024. Pilot operations at the Phalaborwa Rare Earths Project in South Africa have successfully produced two valuable products: a mixed rare earth carbonate and separated neodymium and praseodymium oxide with a purity of around 96%. This breakthrough marks the first commercial recovery of rare earth elements from phosphogypsum, a byproduct of phosphate mining. With the process for separating neodymium and praseodymium nearing optimization, the company will shift its focus to separating other rare earth elements such as dysprosium and terbium, crucial for the production of green energy technologies like electric vehicles and wind turbines. Rainbow also announced talks with potential off-takers (end users), a key step toward securing project financing for the Phalaborwa operation, which is slated for opening in 2027. This announcement follows the receipt of a $50 million investment proposal from the US International Development Corporation and a royalty and placement agreement with mining fund Ecora, strengthening the company's financial position. Rainbow maintains a healthy cash reserve of $9.7 million. The Phalaborwa project holds 35 million tonnes of mineral resources with a concentration of 0.44% total rare earth oxides (TREO), making it a vital asset in the growing global demand for rare earths. The market for rare earth permanent magnets, driven by green energy technologies, has doubled since 2020, with demand expected to continue rising by 7% annually over the next decade. #proactiveinvestors #rainbowrareearthslimited #lse #rbw #otc #rbwrf #RainbowRareEarths #PhalaborwaProject #RareEarthsSeparation #GeorgeBennett #EnergyTransition #RareEarthOxides #SustainableMining #CriticalMinerals #RareEarthMetals #TechMet #ProactiveInvestments#invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews