Altona Rare Earths resource estimate ‘in line with expectations’ – Watch

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Altona Rare Earths resource estimate ‘in line with expectations’ – Watch

8:00 CAT | 27 Sep 2023

Screen grab: StockBox

Altona Rare Earths said rare-earth oxides at its Monte Muambe project in Mozambique are estimated to be in line with company expectations.

The Africa-focused miner said Monday that the project is expected to have 13.6 million metric tons rare-earths elements, according to the JORC compliant estimate.

JORC is the standard used for measuring the in-ground size of a mineral deposit that a company may have discovered.

The company said the estimate also includes 42,500 tons of magnet metals neodymium and praseodymium oxides.

“This is the first ever official measure of the size and grade of the project and we are delighted with the results, which confirm the presence of a potentially open-pit mineable rare earths element resource,” Chief Executive Cedric Simonet said.

Altona Rare Earths is finalizing its updated competent person report, which is expected to publish next month, it said. The completion of the report will increase the company’s holdings in Monte Muambe to 51% from 20%.

By Christian Moess Laursen