Rainbow Rare Earths reveals encouraging results from Uberaba project in Brazil
London, UK
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April 18, 2024 08:24 AM Eastern Daylight Time
Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) CEO George Bennett joins Proactive's Stephen Gunnion with latest test results from the company's collaboration with The Mosaic Company on the Uberaba project in Brazil.
Bennett explained that the project is focused on extracting rare earth elements from phosphogypsum stacks, leveraging a method previously used in the company's Phalaborwa project in South Africa. Bennett highlighted the positive initial test results show potential for high recovery rates due to the similarities in the mineralogy of the phosphogypsum compared to the flagship Phalaborwa project.
Rainbow Rare Earths and Mosaic signed a Memorandum of Understanding (MOU) last year to jointly develop this opportunity, sharing costs and utilising Rainbow's intellectual property developed for extracting elements from phosphogypsum.
The next steps involve further testing, resource updates for the market, and moving towards a Preliminary Assessment (PA) by year-end. Bennett also noted the strategic significance of the project, fed by a long-life mine expected to supply phosphogypsum for 25-40 years, suggesting a sustained output and potential for significant scalability which has yet to be fully recognised by the market.
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