Rainbow progresses Burundi rare earths project
JOHANNESBURG (miningweekly.com) – Rare earth elements mining company Rainbow Rare Earths has started work on the now fully permitted Gakara rare earths project, in Burundi, ahead of trial mining.
Following its $8-million fundraising and successful initial public offering (IPO) on the LSE in January, preparation for mining at Gakara progressed at the first production site Gasagwe, with haulage and access road construction a primary focus, in addition to the establishment of the basic infrastructure for the mine site.
Rainbow is targeting first production and sales of rare earths concentrate by the end of 2017, with a full local labour force now recruited.
“It has been a very busy period since completion of the $8-million fundraise and IPO and, as a result, Rainbow has made great progress in delivering on the strategy we presented to investors, namely bringing our Gakara project to production and sales within nine months,” said Rainbow CEO Martin Eales.
Rainbow signed a full engineering, procurement and construction management contract with South Africa’s Obsideo Consulting for the completion of the design, supply and construction, as well as commissioning and handover, of its ore processing plant by the fourth quarter of this year.
In addition, the initial extraction of run-of-mine ore from the high-grade veins will start in due course, increasing in quantity once the company has taken delivery of its first fleet of mining machinery around the end of April.
Meanwhile, Rainbow has elected to repay Pala Investments $1.7-million in full and final settlement of the outstanding loan facility and the company is now debt free.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation