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Rainbow Rare Earths Secures $50 Million Investment for Phalaborwa Project

November 8, 2023 by Forex Winner Leave a Comment

Shares of Rainbow Rare Earths have surged after the company announced it has entered an option agreement with TechMet. This agreement grants TechMet the right to invest $50 million in Rainbow’s Phalaborwa rare earths project in South Africa.

At 0825 GMT, shares were up 14% at 15.5 pence, an increase of 1.9 pence.

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According to Rainbow Rare Earths, this option agreement allows TechMet to acquire a direct stake of between 15% and 33% in the project. In exchange, TechMet will contribute a substantial amount of the project financing.

The agreement puts the project equity valuation between $151.5 million and $333.3 million, which demonstrates the reduced risk associated with the funding requirement. This is seen as a significant validation of Phalaborwa’s economic potential. The total capital expenditure for the project is estimated to be $295 million.

Rainbow Rare Earths pointed out that TechMet conducted thorough due diligence before entering into this agreement.

CEO George Bennett commented, “We anticipate that Phalaborwa will continue to attract funding, particularly from U.S. investors, given the increasing importance of rare earth metals in the technology-driven industrial and clean energy sectors.”

The Phalaborwa project is set to deliver separated rare earth oxides in the fourth quarter of this year.

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Filed Under: Forex News Tagged With: Investment, Phalaborwa, Rainbow Rare Earths, South Africa, TechMet

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