Altona Rare Earths plc plans to acquire the Monte Muambe rare earths project in Tete Province, northwestern Mozambique.
EXPLORATION
In March 2021, the company signed a Memorandum of Understanding with Ussokoti Investimentos Limitada, before beginning due diligence.
Altona today said it had instructed its UK legal counsel to prepare the final contract to start the earn-in process which will see the company eventually owning 70%.
Initial exploration work will focus on expanding the mineralised zones and identifying new ones, while ascertaining the basic metallurgical characteristics of the ore.
“Monte Muambe is, we believe, a significant rare earths project and it is clear both parties are motivated to agree terms and move the project into the exploration phase,” said chief executive Christian Taylor-Wilkinson.