12th Jun 2025 12:07
(Alliance News) - Altona Rare Earths PLC on Thursday said it has signed a non-disclosure agreement with a "leading international critical metals mining industry group" for a potential strategic investment in a project in Mozambique.
The Africa-focused resource exploration and development firm said the NDA is a "significant step forward" for an investment in the Monte Muambe rare earths and gallium project.
It said ore samples have been sent to the potential partner for independent analysis.
Altona said it has continued to make progress on the Monte Muambe fluorspar project, which has "catalysed strong interest from established participants in the European fluorspar market".
Altona added that it expects to enter into another NDA shortly, with "European entities operating in the fluorspar sector".
It said these agreements create a framework to assess collaboration across extraction, offtake and staged project-level funding.
Chief Executive Officer Cedric Simonet said: "We are seeing a marked shift from high-level policy reflections on critical material risks to immediate and tangible impacts on critical high-technology and defence industries. This evolution is amplifying strategic interest in Monte Muambe, which is uniquely positioned with multiple critical raw materials in development.
"Our technical milestones - combined with a supportive geopolitical backdrop - are opening up compelling opportunities to partner with experienced players in the rare earths and fluorspar sectors. We are encouraged by the level of engagement from potential strategic investors and look forward to updating shareholders as these discussions evolve."
Shares in Altona Rare Earths were up 4.8% at 2.04 pence in London at midday on Thursday.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Altona Rare Earths