Altona Rare Earths has commenced a new target generation programme across four countries; Mozambique, Angola, Tanzania and Uganda. The company made the announcement and said the move aims to enhance its strategy of becoming a developer of multiple African rare earths mining projects.
“By utilising its highly experienced on-the-ground presence in Africa and its UK stock market listing, the group has ‘a strong belief’ it will be able to secure new rare earths projects in the second half of the year,” said the rare earths exploration and mining firm.
Favourable geological context
The four countries were selected due to their highly favourable geological context, including the presence of known rare earth deposits, and their conducive mining, investment, political and regulatory environment. The Company is set to approach its new initiative in two ways. The first is to assess existing projects where rare earth deposits have been reported working with the current owner through a JV agreement should it believe any project meets the board’s rigorous criteria.
The second, the company will apply for fresh Prospecting Licences under its own name, should the target generation exercise identify rare earths potential in, as yet, unregistered areas. Altona is already in the process of establishing a presence in these countries by registering subsidiary companies, the first step to applying for a Prospecting Licence.
To date, Altona has three acquisition contracts under negotiation, where it is seeking to acquire majority interests in rare earths projects. It said it expects these to increase its reputation as a professional player with the necessary experience to develop REE mining projects spreads while it added that it has received more “approaches” from mine owners.
