MINING
Rainbow became the first rare earths producer in Africa last year . In 2018 the company targets a run rate of 5,000 tpa with a plan to ramp up the production to a run rate of 6,000 tpa during 2019
by completing a further equity issue in early December 2017 . “ We ’ ve just done a fundraising of nearly $ 4mn ,” adds Eales . The Company ’ s recent fundraising opens up the door for further acceleration of growth .
The funds will enable Rainbow to expand its existing mining fleet to increase production , and will see the company look at other areas of exploration potential , with approximately $ 750,000 put aside for a maiden drilling campaign , alongside $ 1mn which will be put towards the establishment costs of new mining areas .
“ It ’ s quite an exciting time and will support the increase of production through 2018 and into 2019 . We ’ re also set to undertake our first drilling campaign on some very exciting anomalies highlighted by our recent airborne survey ,” concludes Eales .
“ We see many , many years of operations in the area . Hopefully we ’ ll leave a good legacy , something that ’ s sustainable for the local people .”
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