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Altona Rare Earths PLC shares jumped on Monday as it said the US government has confirmed its intention to support the Monte Muambe rare earths project in Mozambique. Shares in Altona Rare Earths were up 60% at 2.08 pence on Monday morning in London. The critical raw materials-focused explorer and developer said the government will support the project through the US Trade & Development Agency, as confirmed by USTDA Deputy Director Thomas Hardy during an address in Cape Town. The support of the USTDA is intended to help define the technical and financial pathway for the development of the project, Altona Rare Earths said. Meanwhile, the firm said it expects to receive assay results from its recent fluorspar and gallium drilling campaign in the near future. It expects that these results, and the resulting mineral resource estimate, will show that the fluorspar component of the project ‘represents a viable mining project of significant interest’. ‘This commitment of support from USTDA is a powerful external validation of the Monte Muambe project’s strategic quality and economic potential. It highlights the strong, high-level interest from a leading US government institution in developing a secure, alternative source of rare earths,’ said Chief Executive Officer Cedric Simonet. ‘This partnership is a clear endorsement of our progress in Mozambique, reinforces our shared objective to advance a project of growing strategic relevance, and highlights the role Monte Muambe can play in building more resilient global supply chains for both rare earths and fluorspar.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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