Altona to expand and diversify Africa assets

Altona Rare Earths plc is assessing potential new low-cost entry metals opportunities in Africa to balance its flagship Monte Muambe project.

RISK

The company said that following a review of its corporate strategy the time was right to add further rare earths interests as well as other raw materials such as copper, lithium and niobium.

The projects would have a “clear pathway to early results and to majority ownership”.

Chief executive officer Cedric Simonet added: “To complement Monte Muambe, we are looking to build a balanced portfolio of carefully selected critical raw materials projects across different African countries.

“We believe this will improve Altona’s risk profile and strengthen the company’s value proposition for its shareholders.

“Operating several projects, within the management team’s capacity and without increasing significantly our overheads, will enable the company to maintain a higher proportion of money-in-the-ground, as well as to build more resilience and a stronger news flow.

“I am excited by the opportunities we are creating, and I am looking forward to a transformative 2024 for Altona.”

Monte Muambe in northwest Mozambique progresses with a prefeasibility study, currently focused on advanced metallurgical testing.

At Mining Indaba in Cape Town in early February the company had “fruitful” meetings with representatives of several US Government agencies on Monte Muambe.