2023-12-14 12:57:00
(Agence Ecofin) – According to the exploratory study of October 2023, Monte Muambe should deliver 15,000 tonnes of mixed rare earth carbonate per year, over 18 years. Commissioning the mine would help strengthen Mozambique’s position as a supplier of materials essential to the energy transition.
The junior mining company Altona Rare Earths announced on December 14 that it had submitted a mining permit application for the exploitation of its Monte Muambe rare earths project in Mozambique. If granted, the authorization should be valid for 25 years.
« This application marks a milestone in our journey to transform what was, just three years ago, just a few positive drillhole intercepts, into rare earth mining.“, commented Cedric Simonet, CEO of Altona.
Highlights ⬇️
▪️The Mining Licence application follows the successful completion of Phase 2 of the Monte Muambe Rare Earths project announced on 18 October 2023.
▪️The requested duration of the Mining Licence is 25 years.
▪️The Mining Regulations require the Minister of… pic.twitter.com/krDPkWdBWT
— AltonaRareEarths (@AltonaRareEarth) December 14, 2023
According to an exploratory study published in October 2023, the Monte Muambe project is expected to deliver 15,000 tonnes of mixed rare earth carbonate per year, over 18 years, thanks to an initial investment of $276.3 million. Altona owns 51% in the asset, with the possibility of increasing its stake to 70%.
With the status of Africa’s leading producer of graphite already held by Mozambique, the exploitation of rare earths at Monte Muambe can help to better position the country as a supplier of materials essential to the energy transition, particularly in the electric vehicle sector. The Mozambican Ministry of Mineral Resources now has 190 days to decide on Altona’s request.
10/18/2023 – Mozambique: the Monte Muambe rare earths project can be operated over 18 years (study)
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