Altona Rare Earths reached a significant milestone in the last quarter of 2023 by increasing its stake in the Monte Muambe rare earths project in Mozambique from 20% to 51%. However, the formalization of this increase was subject to the approval of the local authorities.
The London-based company announced that Mozambique’s Ministry of Mineral Resources and Energy had approved the increase in Altona Rare Earths’ stake in the project. With this, Altona became the majority shareholder of the local company responsible for the project.
In June 2021, Altona had signed an agreement granting it the option to acquire up to a 70% stake in the project upon completion of certain works. Now, following the publication of an initial mineral resource estimate and the completion of an exploratory study, the company has reached the 51% stake mark. To reach 70%, Altona now plans to conduct a feasibility study.
Altona is also awaiting another regulatory approval regarding a mining license application submitted to the local authorities last December. If this application is approved, Altona will have the opportunity to operate the Monte Muambe project, which has the capacity to supply 15,000 tons of mixed rare earth carbonate annually over 18 years.
Altona Rare Earths’ ascension to the position of majority shareholder in the Monte Muambe project represents a significant step for the company and highlights the potential of the rare earths sector in Mozambique. The company is committed to continuing to develop and expand its operations in this promising field, thus contributing to the country’s economic growth and sustainable development.
