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Rainbow Rare Earths Targets Burundi Output Before End Of 2017

Rainbow Rare Earths Ltd on Friday said it expects to begin producing and selling its first rare earth concentrate from its project in Burundi from the fourth quarter of 2017.

The company held an inauguration ceremony earlier Friday to open up its Gakara rare earth project in the country, attended by President Pierre Nkurunziza.

"The Gakara project is currently the most advanced mining development project in Burundi and Rainbow was pleased to welcome so many honoured guests to our ceremony today. We value highly all of the support that we have received from the Government of Burundi and the local population," said Rainbow Chief Executive Matin Eales.

"Our mining activity at Gasagwe continues to make great progress in readiness for the commissioning of our processing plant and first sales of rare earth concentrate as planned in the fourth quarter of this year. The commencement of production at Gakara is timely as market prices for rare earths have strengthened significantly in the period since Rainbow’s IPO and these increases will directly impact our anticipated sales revenues," he added.

Rainbow Rare Earth shares were down 2.6% on Friday at 11.07 pence.


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