Altona Rare Earths plc today confirmed it had secured the majority shareholding in the Monte Muambe project in northwest Mozambique.
DE-RISKING
The increase from 20 to 51% ownership of subsidiary and licence holder Monte Muambe Mining Limitada follows completion in October of phase II involving the scoping study.
The transfer is subject to final approval by the Minister of Mineral Resources and Energy.
Chief executive Cedric Simonet added: “We are delighted with this progress and the increase of the company’s holding in Monte Muambe Mining Limitada to 51% materialises the rewards of the completion of phase II, representing an important step in de-risking the project further.”