Altona Rare Earths announced on Wednesday that its holding in Monte Muambe Mining Limitida “has now increased from 20% to 51% following the successful competition of Phase 2 of the Monte Muambe Rare Earths project”.
This morning’s announcement is an important milestone for Altona Rare Earths as the Company now holds 51% of Monte Muambe Mining Limitada, the Mozambican subsidiary holding the prospecting license.
The transfer is subject to the final approval of the Minister of Mineral Resources and Energy, which has been sought by the Company.
Monte Muambe Holding increased to 51%
Altona (LSE: REE), a resource exploration and development company focused on Rare Earths in Africa, is pleased to announce that, following the successful completion of Phase 2 of the Monte Muambe Rare Earths project as announced on 18 October 2023, its holding in Monte Muambe Mining Limitada has now increased from 20% to 51%.
Monte Muambe Mining Limitada is the Mozambican subsidiary holding the prospecting license encompassing the Monte Muambe Project.
The transfer is subject to the final approval by the Minister of Mineral Resources and Energy, which the Company has sought.
Cedric Simonet, CEO of Altona, commented: “We are delighted with this progress and the increase of the Company’s holding in Monte Muambe Mining Limitada to 51% materialises the rewards of the completion of Phase 2, representing an important step in de-risking the project further.”
About Altona Rare Earths Plc
Altona is a resource exploration and development company focused on Rare Earths in Africa. The Company is listed on the Main Market of the London Stock Exchange.
Rare Earths are a group of 17 chemical elements, many of which are critical to the World’s ongoing transition from carbon-based to renewable energies, and to the defence and communication sectors.
The Company currently focuses on the development of Monte Muambe, its flagship Magnet Rare Earths Project, located in Northwest Mozambique. The Project was acquired in June 2021, and the Company has so far drilled over 7,800m, and defined a maiden JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO. A Competent Person Report including the Scoping Study for Monte Muambe was published on 18 October 2023. The Project is now entering its Prefeasibility Study stage.
Altona continues to take advantage of its position in Africa to assess other possible Rare Earths opportunities on the Continent.
Altona Rare Earths