(Ecofin Agency) – Thanks to the exploration work carried out since last year at Monte Muambe, Altona Rare Earths has identified several targets with significant rare earth contents. A resource estimate is the next step in advancing the potential development of a mine.
British mining junior Altona Rare Earths announced on Friday August 19 the completion of a first resource estimate at its Monte Muambe rare earths project. The work, the results of which will be published in the first quarter of 2023, will be partly financed by a recent fundraising.
Pending its listing on the London Stock Exchange scheduled for the end of September 2022 at the latest, the company has indeed raised 1.1 million pounds sterling ($1.29 million) through the issuance of 13, 75 million common shares. These new Altona titles will be available once the IPO becomes effective.
$ANR #ANR #REE
??????? ??? ??? ??????? ??????@AltonaRareEarth announces it has conditionally raised £1.1 million, via a placing of 13,750,000 million new ordinary shares at 8 pence each (“the Placing”).https://t.co/R0S1lzOm1i pic.twitter.com/tPT6DmTVLg— AltonaRareEarths (@AltonaRareEarth) August 19, 2022
It should be noted that the listing in London, one of the largest stock exchanges in the world as well as one of the most coveted by mining companies, offers Altona exposure to a wide range of investors capable of financing the next works. of the society. This is all the more so since the junior is active in a rare earth project, a strategic resource for Europe which is seeking to reduce its dependence on the world’s leading supplier, China.
« Altona is committed to becoming a supplier of critical rare earth metals to the UK and European supply chain by 2026, to reduce growing reliance on the Chinese market“recalls Christian Taylor-Wilkinson, CEO of the company.
In Mozambique, a potential success of Altona would mean more mining revenues, but also a larger footprint of the country on the so-called green metals, because essential to the success of the energy transition. The country is already Africa’s leading producer of graphite, a material used in electric vehicle batteries.
