(Alliance News) - Altona Rare Earths PLC on Thursday said its subsidiary Monte Muambe Mining Limitada lodged an application for a mining licence at its Mozambique project.
The mining exploration company focused on the evaluation, acquisition and development of projects in Africa said this follows successful completion of phase 2 of the Monte Muambe rare earths project, as announced in mid-October.
Altona Rare Earths said the requested duration of the mining licence is 25 years.
It also noted that the Mozambique minister of mineral resources & energy is required to make a decision within 190 days.
"We are very pleased to have submitted our mining licence application for Monte Muambe, which reflects our unwavering confidence in the project. The application marks a pivotal milestone in our journey to transforming what was, only three years ago, a few positive drillhole intercepts, into a rare earths mining operation," said Altona Rare Earths Chief Executive Officer Cedric Simonet.
"The project will deliver substantial social and economic benefits not only to the local community in the Tete province of Mozambique but also more widely to the whole nation. We look forward to furthering our relationship with the Ministry of Mineral Resources & Energy, as we work towards the approval of the mining licence.
"Our ongoing efforts are focused on further de-risking the project, with particular emphasis on advancing metallurgical studies."
Shares in Altona Rare Earths were down 1.8% to 2.70 pence each in London on Thursday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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