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Rainbow Rare Earths - AGM Statement

RNS Number : 0927U
Rainbow Rare Earths Limited
20 November 2019
 

FOR IMMEDIATE RELEASE

20 November 2019

 

Rainbow Rare Earths Limited

("Rainbow" or the "Company")

(LSE: RBW)

 

Results of Annual General Meeting ("AGM")

 

Rainbow announces that at the AGM of the Company held at the Company's registered office, Trafalgar Court, 2nd Floor East Wing, Admiral Park, St Peter Port, Guernsey GY1 3EL on 20 November 2019 at 11.00am, all resolutions proposed were duly passed.

 

**ENDS**

For further information, please contact

Rainbow Rare Earths Ltd

 

Company

George Bennett

Jim Wynn

+27 82 652 8526

+44 (0) 20 3910 4551

Turner Pope Investments

Broker

Andy Thacker

Zoe Alexander

+44 (0) 20 3657 0050

St Brides Partners Ltd

 

IR and PR

Priit Piip

+44 (0) 20 7236 1177

 

Notes to Editors:

Rainbow's focus is the Gakara Project in Burundi, one of the highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects globally and the only African producer.

 

The Company began production of rare earth concentrates in Q4 2017 and has a ten-year distribution and offtake agreement with multinational ThyssenKrupp Materials Trading secured for the sale of at least 5,000tpa 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.


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Quick facts: Rainbow Rare Earths Limited

Price: 1.45

Market: LSE
Market Cap: £5.51 m
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