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Rainbow Rare Earths posts loss as it develops Gakara project in Berundi
StockMarketWire.com
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Mining group Rainbow Rare Earths posted a first-half loss as it continued to develop its Gakara project in Berundi.
Pre-tax losses for the six months through December amounted to £0.89 million, compared to year-on-year losses of £1.1 million.
The company also had, during the reporting period, signed a co-development agreement signed with Bosveld Phosphates to develop the Phalaborwa rare earth project in South Africa.
Ongoing trial mining 'continued to demonstrate Gakara's considerable potential', with 300 tonnes of concentrate produced at Gakara in the first half.
'I believe we are now well positioned for success as London's only listed producing rare earths company with both country and project diversification,' chief executive George Bennett said.
'The supply/demand fundamentals in the NdPr market present Rainbow with an exciting opportunity and we are confident in our capacity to become a globally significant producer of rare earth metals and to take advantage of the favourable market outlook.'
Story provided by StockMarketWire.com
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