We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.25 | -2.15% | 11.40 | 11.30 | 11.50 | 11.65 | 11.40 | 11.65 | 140,463 | 11:02:11 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Chem,fertlizer Minrl Mng,nec | 0 | -11.98M | -0.0192 | -5.94 | 71.21M |
TIDMRBW
RNS Number : 5808L
Rainbow Rare Earths Limited
01 May 2020
1 May 2020
Rainbow Rare Earths Limited
("Rainbow" or the "Company")
(LSE: RBW)
Update on impact of COVID-19 and appointment of Chief Financial Officer
Rainbow Rare Earths Ltd, the Rare Earth ("RE") producer, is pleased to provide an update on its operations at its Gakara RE mine in Burundi.
Activity at the Gakara mine has continued largely unhampered by any restrictions in respect of COVID-19. Although foreign travel has been largely suspended into and out of Burundi, goods are now able to pass across road borders, and the latest export of 100 tonnes of concentrate reached the port of Dar es-Salaam unhindered.
Work continues towards the completion of the Company's maiden JORC Resource, which is expected to be completed in the coming weeks. The finalisation of the report has been slightly delayed due to lockdowns affecting testing facilities in South Africa and elsewhere.
The Company is also pleased to announce that Pete Gardner has been appointed Chief Financial Officer (non-board), with immediate effect, replacing Jim Wynn, who will be taking up another position outside the Company.
George Bennett, CEO, said: The impact of COVID-19 has been widespread, however our operations have remained largely unaffected. We have introduced a number of sanitation steps for our workers, and will continue to comply with any in-country restrictions that may be imposed. Our longer-term priority remains the definition of a maiden JORC Resource, and work is nearly completed on the first stage, which we look forward to announcing shortly.
I am also pleased to welcome Pete Gardner as CFO. Pete has a great deal of experience as a CFO of African mining companies, at Amara Mining and most recently at Piran Resources in Rwanda. We are lucky to have attracted someone of his ability, and at the same time wish the best for Jim Wynn, who leaves us after three years.
**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
UPDWPUQACUPUPUU
(END) Dow Jones Newswires
May 01, 2020 02:00 ET (06:00 GMT)
1 Year Rainbow Rare Earths Chart |
1 Month Rainbow Rare Earths Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions