Rainbow Rare Earths CEO calls Mosaic Company MOU a "feather in the cap"
London, UK
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July 19, 2023 10:24 AM Eastern Daylight Time
Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) CEO George Bennett speaks to Thomas Warner from Proactive after announcing the signing of an MOU with concentrated phosphate and potash producer The Mosaic Company - a step he describes as a "feather in the cap" for Rainbow.
Bennett explains that the MOU is for Rainbow and Mosaic to jointly develop a massive gypsum waste residue stack in Brazil, which he believes shares striking similarities with Rainbow's existing resource. He says that a successful collaboration with Mosaic would mean Rainbow had two world-class rare earth projects on different continents.
The collaboration aims to develop low-capital intensity projects, ensuring competitiveness against Chinese alternatives. Initial testing and drill programs are planned to confirm the resource's grade and composition. He concludes by saying that "if we develop the Brazilian project successfully it will make Rainbow, jointly with Mosaic, one of the largest producers of separated rare earth oxides in the world."
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