(NewsDirect)
Rainbow Rare Earths Ltd (LSE:RBW,OTC:RBWRF) CEO George Bennett speaks to Thomas Warner from Proactiveafter the magnet rare earth metals company announced a placing and thesigning of a letter of intent with NEXUS Intertrade that will see theRainbow Rare Earths clean up gypsum stockpiles for sale byNEXUS.
Bennett says that the£4.5mln placing was executed at a negligible discount to the marketprice and replenishes the funds used to secure 100% of the Phalaborwaproject. The funds will also support the completion of their pilotplant and their DFS study, currently slated for Q2 2024. Bennett alsohighlights the letter of intent with NEXUS Intertrade, emphasisingRainbow's commitment to making Phalaborwa anenvironmentally-friendly project.
They are addressingenvironmental concerns by neutralising the acid water in the wastegypsum. Moreover, with gypsum deposits in South Africa expected todeplete by 2026-2027, Rainbow is poised to fill the gap, potentiallyselling between 40,000 to 100,000 tonnes annually, adding asignificant new revenue stream to the company.
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