Altona Rare Earths PLC - mining exploration company focused on the evaluation, acquisition and development of projects in Africa - Increases holding in Monte Muambe Mining Limitada from 20% to 51%. MMML is the Mozambican subsidiary holding the prospective licence encompassing Altona's flagship Monte Muambe project, located in northwestern Mozambique's Tete Province. Transfer is subject to final approval by Mozambique's Minister of Mineral Resources & Energy. The news follows successful completion in mid-October of Phase 2, a scoping study which indicated an average yearly production of 15,000 tonnes of mixed rare earth carbonate at an average price of USD13,558.40 per tonne.
Chief Executive Officer Cedric Simonet says: "We are delighted with this progress and the increase of the company's holding...materialises the rewards of the completion of Phase 2, representing an important step in de-risking the project further."
Current stock price: 2.76 pence, down 4.2% on Wednesday afternoon in London
12-month change: down 54%
By Emma Curzon, Alliance News reporter
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