10th Feb 2025 11:42
(Alliance News) - Altona Rare Earths PLC on Monday said it has received "very encouraging" results from the assay of fluorspar ore samples collected at the Monte Muambe fluorite zone.
The developer of the Monte Muambe magnet rare earths project in northwest Mozambique said the samples collected returned an average of 88.03% fluorspar, exceeding the typical 60% to 85% range.
Fluorspar is the commercial term for the mineral fluorite, or CaF2.
"These results support the company's optimism in the potential to produce a metallurgical grade or possibly even an acid grade fluorspar product from this ore. The company continues to discuss potential taking off terms with various trading houses who have been encouraged by these results," Altona Rare Earths said.
The firm will proceed with metallurgical testing, with Peacocke Simpson laboratories in Zimbabwe, to assess the options available for producing a commercial fluorspar product.
Chief Executive Officer Cedric Simonet said: "I am very pleased with these assay results which, as far as CaF2 grade is concerned, exceed our expectations.
"With the fluorspar production scoping study in progress, and the mining licence in place, we are getting closer to our objective of producing 15,000 to 20,000 tons of fluorspar per year from Monte Muambe's Fluorite Zone in the short term."
Altona Rare Earths has also begun talks with South Africa-based processing equipment supplier Appropriate Processing Technologies, to support its target of achieving fluorspar production at Monte Muambe in "the most efficient, quickest and cost-effective manner possible".
Shares in Altona Rare Earths were down 3.7% at 1.30 pence each in London late on Monday morning.
By Emily Parsons, Alliance News reporter
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