Rainbow Rate Earth Limited, a UK based firm has expanded its geographical drilling programme in Gakara, Burundi to ascertain which areas are rich with Rare Earths, a mineral that is highly demanded on the international market.
The CEO of this firm Martin Eales in an interview with a UK online publication proactiveinvestors.co.uk expressed optimism that this year Rare Earths production in Burundi will be one of biggest commercial projects on the continent.
The supply has been accelerated by the manufacture of electric cars in the Western World.
“2018 is set to be a year of growth with commercial production and sales now underway. With the forecast demand in electric vehicles driving the growth for REEs and a strong cash balance following an oversubscribed institutional fundraising in December, we are in an excellent position to accelerate development at Gakara,” Eales said.
Adding that, “2017 was a year of delivery for Rainbow which saw us hit all of our targets on budget and on schedule to become a high-grade concentrate producer at the only producing rare earths mine in Africa.”
We refer you to our previous articles to about this mining project
“Rainbow Rare Earths Limited(LON: RBW) saw its sharesd gain today as it initiated a drill programme at its Gakara project in Burundi,” writes the UK online publication.
“The aim of the drilling is to improve the geological understanding of the currently productive areas at Gakara and to explore geophysical anomalies identified by airborne surveys in November 2017.”
Mr Eales announced that should these drill results prove positive, a second phase of drilling will take place during the second and third quarters of 2018, with the aim of producing a JORC-compliant resource.
He further told the UK media that production continues following the announcement of the first shipment of concentrate on 5 December 2017, a further two shipments have now taken place. Production ramp-up has been proceeding according to plan, with the target of hitting a run rate of 5,000 tonnes per year by the end of 2018.
Follow the link to read about this story published last year
Gakara is one of the highest grade rare earth element mining projects globally, with an estimated in situ grade of 47-67% Total Rare Earth Oxide (‘TREO’), and the only producing rare earths mine in Africa.