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Rainbow Rare Earths succeeds in cutting costs as it continues to reshape operations at Gakara

The date of: 2019-10-30
viewed: 2

source:Proactive Investors UK

Rainbow's Gakara project is one of the highest grading rare earths operations in the world.

Rainbow Rare Earths Ltd (LON:RBW) shipped a further 100 tonnes of concentrate grading at around 56% total rare earth oxides (TREO) in October, as demand for the company’s product remains strong.

Additional shipments of concentrate from Rainbow’s Gakara project in Burundi are due for processing in the coming weeks.

Significantly, the shipments of TREO contain very low levels of radioactive material, a common issue in rare earth shipments from many other operations. The concentrate from Gakara contains very low levels of both uranium and thorium, meaning it is readily shippable on the open seas.

Meanwhile, a delineated exploration programme is ongoing, with an updated JORC-compliant resource statement targeted for early 2020.

Production levels are expected to be reduced whilst the company performs the work necessary to achieve higher production target levels, as it moves its focus from high-grade vein mining to a more broad, mechanised operation.

Rainbow's mining licence has a total of 30 exploration targets, all of which have been shown to have numerous rare earths occurrences that contain mineralisation. Of these 30 targets, seven targets were historically mined, a very good indicator of high-grade mineralisation in mining deposits in Africa.

The company has also implemented an operational cost reduction programme within the first month of new management changes which has led to a material reduction in operational costs.

The management estimate breakeven level of concentrate production for the operation to be stable has been reduced from around 270 tonnes per month to 110 tonnes per month of concentrate.

Separately, both the chairman, Adonis Pouroulis, and the new chief executive George Bennett, have been acquiring shares.

Between them their combined interest now amounts to just over 27% of the company’s shares.

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