Rainbow Rare Earths reports 180% increase in concentrate sold from previous quarter
Rainbow Rare Earth increased production by 180% increase in Q2 to 350 tonnes.
Rainbow (LSE: RBW) is based in Burundi and operates Gakara Mine, which has an estimated in-situ grade of 47-67% total rare earth oxide. The company is targeting a production rate of 400 tpm by the end of 2018.
"Having implemented an upgraded mine plan at Gasagwe towards the end of the quarter we saw mining rates improve significantly in June, and we anticipate seeing an increase in concentrate production by 50-100% on a monthly basis over the next quarter," said Martin Eales, CEO of Rainbow.
"As a result, production costs will fall considerably in the next 6 months as we approach our target of 400tpm by the end of the year."
Written with material from Rainbow's press release.