Retirement of Non Executive Director

RNS Number : 1178Z

Rainbow Rare Earths Limited

20 January 2022

 

20 January 2022

Rainbow Rare Earths Limited

("Rainbow" or "the Company")

LSE: RBW

Retirement of Non-Executive Director

Rainbow Rare Earths, the rare earths company with assets in South Africa and Burundi, today announces that Robert Sinclair, a Non-Executive Director who has been on the Board of Rainbow since the incorporation of the Company in 2011, will retire with immediate affect due to health reasons.

Rainbow Rare Earths Chairman, Adonis Pouroulis, commented:

"I would like to thank Robert for the considerable contribution he has made to Rainbow during his years of service.  Robert has added a considerable amount of value to the Board since we founded the Company in 2011.  On behalf of the Rainbow team, we wish him full recovery and good health and all the best for his future endeavours."

**ENDS**

For further information, please contact:

Rainbow Rare Earths Ltd	Company	George Bennett Pete Gardner	[phone]
SP Angel Corporate Finance LLP	Broker	Ewan Leggat Charlie Bouverat	[phone]
Flagstaff Strategic and Investor Communications		Tim Thompson Fergus Mellon	[phone] [e-mail]

Notes to Editors:

Rainbow Rare Earth's strategy is to become a globally significant producer of rare earth metals. Nd/Pr 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 accelerating the adoption of green technology, pushing the overall market for Nd/Pr into deficit.

The Phalaborwa Rare Earths Project, located in South Africa, comprises an Inferred Mineral Resource Estimate of 38.3Mt at 0.43% total rare earths oxides ("TREO") contained within gypsum tailings stacked in unconsolidated dumps derived from historic phosphate hard rock mining.  High value Nd/Pr 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, which is expected to deliver a higher-value rare earth carbonate, with lower operating costs than a typical rare earth mineral project.

The Company's Gakara Project in Burundi has produced one of the highest-grade concentrates in the world (typically 54% TREO) through trial mining operations. The Gakara basket is weighted heavily towards Nd/Pr, which account for over approximately 19.5% of the contained TREO and 85% of the value of the concentrate.

 

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