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Rainbow Rare Earths rockets as it acquires new licences in Zimbabwe

The mining firm said it will immediately begin an exploration programme on the claims, which cover around 12.6 sq km in the north of the country

Rainbow Rare Earths Limited - Rainbow Rare Earths rockets as it acquires new licenses in Zimbabwe
Zimbabwe is well-known for hosting large amounts of precious and battery metals

Rainbow Rare Earths Ltd (LON:RBW) surged on Friday after it secured 10 new mining claims covering 12.6 square kilometres in Northern Zimbabwe.

The mining firm said it will immediately begin an exploration programme on the claims that will include geological mapping, sampling and assaying.

READ: Rainbow Rare Earths succeeds in cutting costs as it continues to reshape operations at Gakara

Rainbow is aiming to conclude an interpretation report that will evaluate the new claims for rare earth elements such as cerium, yttrium, lanthanum and neodymium.

George Bennet, Rainbow’s chief executive, said the new claims were “a great opportunity to diversify the portfolio, with low risk and minimal capital outlay”.

The news sent the shares soaring 34.8% to 3.1p in mid-afternoon trading.

Quick facts: Rainbow Rare Earths Limited

Price: 1.7 GBX

LSE:RBW
Market: LSE
Market Cap: £6.47 m
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