Mozambique: Altona subsidiary Monte Muambe lodges mining licence application

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Mozambique: Altona subsidiary Monte Muambe lodges mining licence application

11:14 CAT | 15 Dec 2023

File photo: Altona

Altona (LSE: REE), a resource exploration and development company focused on Rare Earths in Africa, is pleased to announce that its subsidiary, Monte Muambe Mining Limitada, has lodged an application for a Mining Licence (known as a Mining Concession in Mozambique).

Highlights:

The application follows the successful completion of Phase 2 of the Monte Muambe Rare Earths project (“the Project”) as announced on 18 October 2023.

The requested duration of the Mining Licence is 25 years.

The Mining Regulations (Decree no. 31/2015 of 31 December) require the Minister of Mineral Resources and Energy to communicate their decision to the applicant within 190 days.

Cedric Simonet, CEO of Altona, commented: “We are very pleased to have submitted our Mining Licence application for Monte Muambe, which reflects our unwavering confidence in the Project. The application marks a pivotal milestone in our journey to transforming what was, only three years ago, a few positive drillhole intercepts, into a Rare Earths mining operation.

“The Project will deliver substantial social and economic benefits not only to the local community in the Tete Province of Mozambique but also more widely to the whole nation. We look forward to furthering our relationship with the Ministry of Mineral Resources and Energy, as we work towards the approval of the Mining Licence.

“Our ongoing efforts are focused on further de-risking the Project, with particular emphasis on advancing metallurgical studies.”

Highlights ⬇️

▪️The Mining Licence application follows the successful completion of Phase 2 of the Monte Muambe Rare Earths project announced on 18 October 2023.

▪️The requested duration of the Mining Licence is 25 years.

▪️The Mining Regulations require the Minister of… pic.twitter.com/krDPkWdBWT

— AltonaRareEarths (@AltonaRareEarth) December 14, 2023