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Rainbow Rare Earths - Update on impact of COVID-19 & Appointment of CFO

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

Rainbow Rare Earths Ltd

Company

George Bennett

Jim Wynn

+27 82 652 8526

+44 (0) 20 3910 4551

SP Angel Corporate Finance LLP

Joint Broker

Ewan Leggat

Charlie Bouverat

+44 (0) 20 3470 0470

Turner Pope Investments

Joint Broker

Andy Thacker

Zoe Alexander

+44 (0) 20 3657 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.
 
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Quick facts: Rainbow Rare Earths Limited

Price: 3.75

Market: LSE
Market Cap: £15.82 m
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