The Phalaborwa Rare Earths Project, located in South Africa, comprises approximately 35 million tonnes of gypsum resulting from historical phosphate hard rock mining, containing rare earth elements with an estimated average in situ grade of 0.5% TREO, based on previous sampling campaigns and supported by initial assay results, indicating c. 210Kt of contained TREO’s with +/- 30% NdPr in the RE basket. Rainbow and Bosveld intend to jointly develop and process rare earth elements from the gypsum contained in two stacks at the Project site. On completion of the pre-feasibility study, 70% of the Project will be held by Rainbow and 30% by Bosveld.
Rainbow’s Gakara asset provides a high-grade (typically 54% Total Rare Earth Oxides (“TREO”)) source of rare earths, with a clear, modular pathway from existing pilot-scale to full-scale commercial production. The Gakara Project in Burundi is currently the only African producer of rare earths and uses a simple, environmentally responsible, gravity process to deliver a concentrate with low levels of radioactive elements, which is suitable for export. The Gakara basket is weighted heavily towards Neodymium (Nd) and Praseodymium (Pr) (together “NdPr”), which account for over 80% of the value of the Gakara concentrate.