Rainbow Earths is actively considering expanding its rare earths mining operations beyond its existing presence in Burundi, CEO Martin Eales tells The Africa Report in an interview.
A new African project could be agreed within the next six to 12 months, Eales says, declining to name the countries being considered.
As argued in The Africa Report in July, access to rare earths is a key part of the US-China trade war. Demand for rare earths is increasing as they are needed for use in electric vehicles, mobile phones and wind turbines. China, which substantially controls the world market, has sought to impose control over supply by concentrating the country’s mines in the hands of state-controlled companies.
Rainbow Rare Earths Ltd (LON:RBW) is a mining company focussed on production from, and expansion of, the high grade Gakara Rare Earth Project in Burundi, East Africa. With in-situ grades in the range of 47-67% Total Rare Earth Oxide (TREO), Gakara is one of the world’s richest rare earth deposits.