In a strategic move, Altona Rare Earths announced the increase of its stake in Monte Muambe Mining Limitada from 20 per cent to 51 per cent, consolidating itself as the majority shareholder following the success of Phase 2 of the Monte Muambe Rare Earths project.
The milestone not only reflects a significant step forward for Altona, but also consolidates its position in Monte Muambe Mining Limitada, the Mozambican subsidiary that holds the prospecting licence.
Cedric Simonet, Altona’s CEO, emphasised the importance of the development, stating, “We are very pleased with this progress and the increase in the company’s stake in Monte Muambe Mining Limitada to 51% materialises the rewards of completing Phase 2, representing an important step in reducing the project’s risk.”
Altona Rare Earths, a company focused on the exploration and development of Rare Earth resources in Africa, now holds a majority stake in the subsidiary, marking an exciting new chapter in its journey in the sector. This strategic move not only strengthens Altona’s position in the Rare Earths market, but also extends its influence in Monte Muambe Mining Limitada, positioning it more robustly to face the challenges and opportunities in the constantly evolving landscape.
The increase in shareholding is subject to final approval by the Minister of Mineral Resources and Energy, underlining Altona’s commitment to regulatory processes and its respect for the sector’s rules. This step corroborates the company’s commitment to sustainable growth and the responsible development of rare earth resources in Mozambique.
As Altona Rare Earths celebrates this milestone, the expectation is that the increased shareholding will provide a solid foundation for continued progress, consolidating its presence as a prominent figure on the Rare Earths scene in Africa.