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Rainbow Rare Earths looks to open second mining area in fourth quarter

Martin Eales, chief executive of Rainbow Rare Earths LTD (LON:RBW), tells Proactive Investors they sold 350 tonnes of concentrate in the three months to the end of June 2018 - up significantly from the 125 tonnes sold in the previous quarter - as the ramp-up to full production continues at the company's mine in Burundi.

Gakara is one of the highest grade rare earth element mining projects globally, with an estimated in-situ grade of 47-67% Total Rare Earth Oxide (TREO).

Eales adds they're now looking to commence operations at their second mining area - Murambi - in the fourth quarter of this year to help them reach the targeted production run rate of around 5,000tpa or 400tpm by the end of 2018.

Quick facts: Rainbow Rare Earths Limited

Price: 1.5 GBX

LSE:RBW
Market: LSE
Market Cap: £5.7 m
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