25 Nov LSE-listed Rainbow Rare Earths expands into Zimbabwe
Africa-focused Rainbow Rare Earths has acquired ten mining claims in Zimbabwe as the mining junior looks to expand on its sole existing operation – the Gakara Rare Earth Project in Burundi.
The London-listed and headquartered company said the licences will be held 100% by local subsidiary Rainbow Zimbabwe, and added that it plans to immediately start an exploration programme, including geological mapping, sampling and assaying.
The properties have previously been explored for phosphate, with one deposit identified by the US Geological Survey as potentially hosting cerium and lanthanum.
“With our strategic intent for our licences in Burundi well on track, the company stabilised, I believe this is a great opportunity to diversify the portfolio, with low risk and minimal capital outlay,” said CEO George Bennett.
Rainbow began production of rare earth concentrates at the high grade Gakara mine in late 2017. The company had an exploration target of 20-80,000 tonnes of vein material set for the project by mining consultants MSA Group.
Rare earth concentrates, including lanthanum, cerium and neodymium, are expected to become essential for the manufacturing of batteries, magnets and electric vehicles.