Altona aims to extend over four African countries

Altona Rare Earths plc announced it intends to develop its portfolio with multiple African projects across the four countries of Mozambique, Angola, Tanzania and Uganda.

The company expects to secure new rare earths projects in the second half of 2021, should they follow a strict selection process.

In its current portfolio, Altona is negotiating three acquisition contracts through which it seeks to acquire majority interests in projects in Mozambique, Uganda and Malawi.

OPPORTUNITIES

Altona chose the four countries because of their highly favourable geological context, including the presence of known rare earth deposits, and their conducive mining, investment, political and regulatory environment.

The company will first assess existing projects where rare earth deposits have been reported and work with the current owner through a joint venture agreement.

It will also apply for new prospecting licences under Altona’s own name, should the target generation exercise identify rare earths potential in, as yet, unregistered areas.

In the event of a agreed deal with a third party, the company will acquire at least 51% of the asset.

Altona said it was already in the process of establishing a presence in these countries by registering subsidiary companies, which is the first step in applying for a prospecting licence.

VALUE

Chief executive Christian Taylor-Wilkinson added that Altona stood out in the sector because of its professional and exacting approach which allowed it to access opportunities of quality.

“This is reflected in the opportunities we see coming to us which we are now evaluating.

“It is clear that there are significant opportunities for Altona in Africa and we look forward to commencing the material development of selected assets in the coming months and years to create significant value for our shareholders.”