Altona Rare Earths plc posted a fall in cash reserves as it continues to diversify its portfolio alongside continued investment in its flagship Monte Muambe project in Mozambique.
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Year results ended 30 June show a decrease from £1.1 million to £400,000 although offset by new loans totalling £900,000.
Altona’s investments rose from £1.6m to £2.1m after increasing its ownership in Monte Mumbe from 20 to 51%.
Operating loss remained the same for 2023 and 2024 at £1.1m.
The company also began diversifying its portfolio in the wake of a drop in rare earth prices.
Acquisitions included the Kabompo South copper project in Zambia, the Sesana copper-silver project in Botswana and the start of a review of fluorspar production potential at Monte Muambe.
Chief executive Cedric Simonet said: “In the meantime, the company will continue derisking the Monte Muambe rare earths project in order to unlock the tremendous value it created through three years of investment in this project.
“This will be done through focused spending on priority activities such as securing a 25-year mining concession (which is expected to be granted before the end of this year) and ongoing metallurgical testing, as well as continuing to seek a strategic investor involved in the rare earths supply chain.”