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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rainbow Rare Earths Limited | LSE:RBW | London | Ordinary Share | GG00BD59ZW98 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 3.86% | 10.75 | 10.50 | 11.00 | 10.75 | 10.35 | 10.35 | 727,921 | 12:24:12 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Chem,fertlizer Minrl Mng,nec | 0 | -11.98M | -0.0192 | -5.60 | 67.15M |
TIDMRBW
RNS Number : 6545J
Rainbow Rare Earths Limited
15 April 2020
15 April 2020
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
Production and Covid-19 update
Rainbow Rare Earths Ltd, the Rare Earth Element ("REE") mining company, is pleased to announce that it has exported a further 100 tonnes of concentrate, following on from the 75 tonnes sold in February 2020.
Production at the Gakara mine has been steadily growing since December, and further increases are expected as a result of the commissioning of the fleet of five new trucks this month, as well as the advent of drier weather.
The impact of Covid-19 in Burundi has been limited to the closure of a number of borders, including the airport of Bujumbura. However, the import and export of goods continues to be permitted via the land border with Tanzania, which has meant that the operations at the mine have been able to continue largely as normal.
**ENDS**
For further information, please contact
+27 82 652 8526 Rainbow Rare Earths George Bennett +44 (0) 20 3910 Ltd Company Jim Wynn 4551 SP Angel Corporate Ewan Leggat +44 (0) 20 3470 Finance LLP Joint Broker Charlie Bouverat 0470 -------------- ------------------- ----------------- Andy Thacker +44 (0) 20 3657 Turner Pope Investments Joint Broker Zoe Alexander 0050 -------------- ------------------- -----------------
Notes to Editors:
Rainbow's focus is the Gakara Project in Burundi, which produces one of the highest-grade concentrates in the world (typically 54% Total Rare Earth Oxide) and is the only African producer.
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
UPDEAALLFEAEEAA
(END) Dow Jones Newswires
April 15, 2020 02:00 ET (06:00 GMT)
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