Metals & Minerals News

Altona nears end of Chambe due diligence

Altona Rare Earths plc said it was in the final stages of the due diligence process for its proposed acquisition of the Chambe ionic clay rare earths project in Malawi.

Process: Altona hopes to sign a binding agreement to acquire the ionic clay rare earths project in Chambe (Akatswiri Mineral Resources Ltd)

LSE STANDARD MARKET

The company added that in April it had started the application process for listing on the Standard Market of the London Stock Exchange.

In September 2020, Altona signed a heads of agreement with Malawian joint venture partner Akatswiri Mineral Resources Ltd, which is awaiting approval of exploration licence APL 0153 for the Chambe project.

Once granted, the two companies will sign a binding agreement allowing Altona to acquire the project.

DUE DILIGENCE

Altona, whose other rare earth interests are Nankoma in Uganda and Monte Muambe in Mozambique, has appointed local law firms in each of the three jurisdictions to deal with the projects.

“This move, which the board has agreed will be the standard working practice for the company in all future acquisitions, has significantly improved the due diligence process for Altona, both on the legal and technical side,” said the company in a statement.