Mark Fairbairn from StockBox Media spoke with Dr Cedric Simonet, CEO of Altona Rare Earths, about the promising developments at Monte Muambe, focusing on their high-grade fluorspar discovery.
- Strong Results: Fluorspar samples showed an impressive 88% CaF₂ grade, exceeding expectations and attracting interest from potential offtake partners.
- Rapid Development: Altona is advancing metallurgical studies, aiming for quick, cost-effective production with potential revenues of $4–4.5 million annually.
- Strategic Advantage: With an existing mining concession covering both rare earths and fluorspar, Altona targets production within 12 months post-scoping study.
Altona (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, is pleased to announce very encouraging assay results from fluorspar ore samples collected at the Monte Muambe Fluorite Zone, with an average of 88.03% CaF2.
Highlights
· Representative crushed ore samples CaF2 grade average 88.03%, exceeding management’s expectations
· CaF2 grade exceeds the typical range for metallurgical grade fluorspar (60 to 85%)
· Altona is progressing metallurgical studies to confirm process parameters, driving the short-term fluorspar production scoping study forward
Scoping study progress
In the light of these results, Altona is proceeding with metallurgical testing with Peacocke Simpson laboratories in Zimbabwe to assess processing options available to produce a commercial fluorspar product.
The Company has also started discussions with processing equipment supplier Appropriate Processing Technologies, based in South Africa, which specialises in constructing small and medium size gravity separation and flotation plants, designed to be modular and easy to mobilize. This approach supports Altona’s desire to achieve fluorspar production from Monte Muambe in the most efficient, quickest and cost-effective manner possible.
Cedric Simonet, CEO of Altona, commented: “I am very pleased with these assay results which, as far as CaF2 grade is concerned, exceed our expectations. With the fluorspar production scoping study in progress, and the Mining Licence in place, we are getting closer to our objective of producing 15,000 to 20,000 tons of fluorspar per year from Monte Muambe’s Fluorite Zone in the short term.”
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
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About Altona Rare Earths Plc
Altona is a resource exploration and development company focused on critical raw materials in Africa. The Company is listed on the Main Market of the London Stock Exchange with the ticker “REE”. Rare Earths are a group of 17 chemical elements, many of which are critical to the World’s ongoing transition from carbon-based to renewable energies, and to the defence and communication sectors.
The Company is currently developing Monte Muambe, its flagship Magnet Rare Earths Project, located in Northwest Mozambique. The Project was acquired in June 2021, and the Company has so far drilled over 7,800m, and defined a maiden JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO. A Competent Person Report including the Scoping Study for Monte Muambe was published on 18 October 2023. The Project is now at Prefeasibility Study stage, with a focus on metallurgical testing and process.
Altona is presently diversifying its portfolio by acquiring a limited number of critical raw material projects to complement Monte Muambe. The acquisition of the Kabompo South copper project in Zambia and of the Sesana copper-silver project in Botswana represent the first steps towards the implementation of this expanded strategy.
