25th Jun 2021 18:05
Altona Rare Earths PLC - mining exploration company - Enters into an exclusive agreement to acquire its first asset in the rare earth elements mining sector. The company agrees with Ussokoti Investimentos Ltda to acquire up to 70% ownership of the Monte Muambe rare earths project, via a farm-in arrangement. Ussokoti is the holder of prospecting licence 7573L, which was granted in May 2017 and can be renewed for a further three years, on its expiry in May 2022.
The project will be run through a newly established firm controlled by Altona, to which the licence will be transferred. The company says it will bear 100% of the project costs up to completion of phase 3 and holds a majority position on the board of the newco.
"We continue to work diligently to complete further acquisitions, adhering to our strict criteria for investment, in this highly competitive and critical mining segment," says Chief Executive Christian Taylor-Wilkinson.
Current stock price: 11.50 pence
By Evelina Grecenko; [email protected]
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