Rainbow Rare Earths Limited LON:RBW the rare earth element mining company operating in East Africa, announced this morning its audited results for the 12 months ended 30 June 2017.
Highlights
— Completion of Placing and Admission to the London Stock Exchange Main Market raising gross proceeds of US$8 million (US$7.4 million net)
— Rapid development of the Company’s Gasagwe mining area focused on site preparation and waste stripping
— Construction and development of the processing plant site at Kabezi underway at year end ahead of commissioning in Q4 2017
-- Commencement of ROM ore extraction at Gasagwe in September 2017 -- First concentrate sales remain on track for Q4 2017
— Pricing for rare earth elements strengthened markedly during 2017, with Rainbow’s basket price as at 3 October 2017 up around 70% since the start of the year
— Rainbow provides first Production Guidance for 2017-18 of 3,000-4,000 tonnes of ROM ore mined generating 2,250-3,000 tonnes of mineral concentrate for sale