Rainbow Rare-Earth management confirmed that its production forecast remains at a run rate of 5,000 tonnes per annum - approximately 400 tonnes per month - of rare earth concentrate by end of calendar year 2018. The high-grade rare-earth producer, has said anticipated production from its Gakara Rare Earths Mine remains unchanged. In a statement responding to press comments following a news conference held in Bujumbura, Burundi on 9 April 2018, the LSE main market-listed group confirmed that its production forecast remains at a run rate of 5,000 tonnes per annum (tpa) - approximately 400 tonnes per month - of rare earth concentrate by end of calendar year 2018.
Rainbow noted that the Gakara Project in Burundi, is one of the highest-grade (47%-67% Total Rare Earth Oxide) rare earths projects globally and the only African producer. The company began production of rare earth concentrates in the fourth quarter of 2017 and is currently ramping up to a targeted run rate of 5,000 tpa by the end of 2018 and 6,000 tpa by the end of 2019.
Rainbow has a ten-year distribution and offtake agreement with multi-national thyssenkrupp Raw Materials, secured for the sale of at least 5,000tpa of concentrate produced. The Gakara basket is weighted heavily towards the magnet rare earths, including neodymium and praseodymium, which are driving demand and account for 70% of annual global REE sales due to their use in vital components in motors, generators, wind turbines, and electric vehicles.
For more information, see the recent company presentation.
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