Rainbow Rare Earths Ltd (LON:RBW) CEO Martin Eales talks to DirectorsTalk about the identification of four large and highly prospective anomalies. Martin talks us through the findings, explains why they are an exciting find, talks us through the next steps and updates us on first production and sales.
The focus for Rainbow Rare Earths Ltd is the Gakara Project in Burundi, one of the highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects globally. The Company has raised US$8 million to fast-track the fully permitted Gakara Project to production ahead of targeted first sales of concentrate by the end of 2017. Rainbow has a ten-year distribution and offtake agreement with multinational thyssenkrupp Raw Materials secured for the sale of at least 5,000 tpa of concentrate produced. The Gakara basket is weighted heavily towards the magnet rare earths, including neodymium and praseodymium, which are driving demand and account for 70% of annual global REE sales due to their use in vital components in motors, generators, wind turbines, and electric vehicles.