Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF)CEO George Bennett speaks to Thomas Warner from Proactive after releasing assay data on samples at the Uberaba phosphogypsum stack in Brazil.
Bennett explains that the assays indicate a higher rare earth content than Rainbow Rare Earth's project under development at Phalaborwa in South Africa, with initial grades surpassing expectations by boasting an impressive 10.58% total rare earth oxide (TREO). He also notes that over 25% of the basket comprised crucial magnet rare earths, including NdPr, dysprosium, and terbium, in economically viable quantities.
Bennett says that the project could represent a significant step forward in Rainbow's global expansion, diversifying their projects across continents and presenting an opportunity of massive scale, with extensive gypsum stacks set to yield for over 25 years.
He also emphasises the strategic importance of this venture, de-risking Rainbow's portfolio geopolitically. Next steps at Uberaba include a comprehensive testing program on mineralogy followed by drilling on the stacks. As developments unfold, Rainbow aims to keep stakeholders updated on this highly profitable opportunity.
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