Rainbow Rare Earths has updated the resource quantity of its Phalaborwa project in South Africa

Rainbow Rare Earths Ltd, listed on the London Stock Exchange, has updated the resource quantity of its Phalaborwa project in South Africa. The resource quantity has increased by 15%, and the mine life has been extended by two years.

The updated total resource quantity has increased from 32 million tonnes to 35 million tonnes, with a TREO (Total Rare Earth Oxides) content of 0.44%. Light rare earth elements praseodymium and neodymium account for 29%, while heavy rare earth elements dysprosium and terbium account for 1% and 0.3% respectively. The updated resources also include rarer elements such as samarium, europium, gadolinium, as well as lanthanum and cerium.

Rainbow Rare Earths stated that based on the current spot prices of the TREO basket of resources, the updated resource is valued at USD 3.7 billion.

Estimated at a TREO cut-off grade of 0.2%, under the expected production rate, the project life has been extended from 14 years to 16 years.

Source: Proactive Investors, China Rare Earth Network