Rare-Earth Miner to List Burundi Project on London Stock Exchange

Rare Earth Deposits & Mining / Rare Earth Exploration, Mining, Processing, & Uses

Date posted: 01/15/17

Jon Yeomans reports that investors will be able to buy a slice of a rare earth miner in Burundi after Rainbow Rare Earths revealed plans to list on the London Stock Exchange. RRE wants to raise 5.7 million Pounds to dust off and restart the Gakara mine in the landlocked east African country, which operated for 30 years until 1978. Rare earths enjoyed a flurry of interest at the start of the decade before prices cooled. However, RRE believes the minerals at Gukara, such as lanthanum, cerium and neodymium, will enjoy rising demand as they are needed in batteries, magnets and the automotive industry. RRE believes the very high grade of the rare earths at Gakara, some 57% concentrate – will keep its costs low as the ore will require little processing. Mr Eales said the mining process was very simple. The grade is so high you can extract it from the hillside with excavators and manual labor, he said. RRE also has an offtake agreement with German industrial giant Thyssenkrupp to take everything we can produce. It is a great seal of approval to have a company like that want to do business with us, Mr. Eales said. Adonis Pouroulis, the chairman, who founded Petra Diamonds and a series of other companies within his Pella Resources stable, said he had been encouraged to take RRE public by several potential cornerstone investors.