In the last quarter of 2023, Altona Rare Earths met the conditions to increase its stake in the Monte Muambe rare earths project from 20% to 51%. However, the formalization of this change remained subject to the agreement of the local authorities.
In Mozambique, the Ministry of Mineral Resources and Energy has approved an increase in Altona Rare Earths’ stake in the Monte Muambe rare earths project from 20% to 51%. This was announced on 15 January by the London-based junior mining company, which thus becomes the largest shareholder in the local company that owns the project.
Under an agreement signed in June 2021, Altona has the option of gaining up to a 70% interest in the project by carrying out certain work. Altona became the majority shareholder following the publication of an initial mineral resource estimate and the completion of an exploratory study. The company must now carry out a feasibility study to earn up to a 70% interest.
It should be noted that another regulatory approval is pending for Altona, which submitted an application for a mining permit to the local authorities last December. A positive response would give it the opportunity to operate the Monte Muambe project, capable of delivering 15,000 tonnes of mixed rare earth carbonate annually over 18 years.
Agence Ecofin
