Rainbow is focused on generating significant value from the extraction of high grade, high quality Rare Earth Oxides (REOs) at its Gakara Project and in turn, being a significant contributor to Burundi’s developing mining sector. With in-situ grades in the range of 47-67% Total Rare Earth Oxide (TREO), Gakara is one of the world’s richest rare earth deposits.
Rainbow has a 10-year distribution and offtake agreement for exclusive sales of at least 5,000 tonnes per annum of concentrate with thyssenkrupp Raw Materials, an active worldwide metals trader with offices in key markets including Europe, North America, South America and Asia.
With a focus on achieving sustainable, long-term production from the Gakara Project, the Company’s development strategy is to:
- Achieve new production target run rate of 6,000 tonnes per annum during 2019
- Expand exploration activities to target wider mineralised potential of Gakara
- Delineate a JORC Resource Estimate to provide further tangible value of Gakara’s significant commercial rare earth mineralisation