Metals & Minerals News

Altona to increase Mozambique REE share

Altona Rare Earths plc said completion of its Phase I work programme had satisfied one of the terms required to increase its holding in Monte Muambe Mining Lda (MMM) at the Monte Muambe project in Mozambique.

Tax: Altona is in the process of receiving approval from the Mozambique government (Pixabay – generic)

INCREASED HOLDING

The company is in the process of receiving approval from the Mozambique government, after which it will make a payment for capital gains tax for the transfer of a further 19% of MMM shares to Altona.

The company’s holding in MMM will increase to 20%.

SHARES ISSUE

The company has, as agreed with Ussokoti Investimentos Lda and Monte Muambe Mining Lda (MMM) also issued one million Altona ordinary shares and made a cash payment of £40,000 to the original shareholders of MMM.

The equity issue and expected increased holding comprise the first of three phases in the agreement signed in June 2021.