Altona Rare Earths plc has agreed a £250,000 loan to advance the prefeasibilty study for Monte Muambe in northwest Mozambique. The two-tranche loan from Catalyse Capital Ltd, which has previously supported the company, will progress work focused on metallurgy. The repayment date is 20 December 2024 and the loan carries a fixed interest of 20% […]
Tag: Monte Muambe – Tete Province – northwest Mozambique
Altona applies for 25-year mining licence
Altona Rare Earths plc has applied for 25-year mining licence for its majority owned Monte Muambe project in northwest Mozambique. PIVOTAL The company acquired the project in June 2021 and currently holds 51%. Altona has so far drilled more than 7,800m, and defined an inaugural JORC mineral resource estimate of 13.6 million tons at 2.42% total […]
Altona secures majority share in Monte Muambe
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 […]
Altona losses rise in ‘transformational year’
Altona Rare Earths plc’s losses widened during a transformational year at its Monte Muambe rare earths project in northwest Mozambique. FINANCES Results for the year ended 30 June showed a loss of £1.3 million (2022: £800,000) while the company said it was focused on keeping administration costs to a minimum. The group’s total assets increased to […]
Altona to own 51% Monte Muambe with scoping study
Altona Rare Earths plc expects to increase its holding in the Monte Muambe project from 31 to 51% following today’s publication of the scoping study. PROCESS Results show an expected average 15,000 tonnes production of mixed rare earth carbonate (MREC) over 18 years from open-pit mining of targets 1 and 4, at a life of […]
Altona MRE shows 13.6m tons at 2.42% TREO for Monte Muambe
A total 13.6 million tons at 2.42% total rare earth oxides (TREO) has been recorded in the inaugural mineral resource estimate (MRE) for the Monte Muambe project in northwest Mozambique. FAST TRACK Altona Rare Earths plc’s JORC compliant MRE, using a cut-off grade of 1.5%, includes 0.31% NdPrO representing 42,500 contained tons of neodymium and praseodymium […]