Altona to drill at Monte Muambe

Altona Rare Earths said it expected to start during September at its Monte Muambe project in northwest Mozambique.

LISTING

The company added that groundwork operations had started ahead of schedule and on 31 August the project manager and his team were in situ.

Exploration drilling is expected to begin before the end of September, in line with the company’s strategy.

Altona added that company was in the final phase of its application for a listing on the London Stock Exchange, Standard segment.

The news comes as the company raised £1.25 million from a placing.

“Demand for this placing significantly exceeded our expectations,” said chief executive Christian Taylor-Wilkinson.

“These additional funds will enable us to both accelerate and expand our activities, to find and develop valuable rare earth mining assets in Africa, of which we already have one underway and several others under consideration.”