London-listed Altona Rare Earths recorded several achievements during the six months ended December 31, 2023, including its first Joint Ore Reserves Committee (Jorc) mineral resource estimate (MRE), a scoping study, the increase of Monte Muambe's holding to 51% and a mining licence application, CEO Cedric Simonet points out in its interim results for the period.

As mentioned, the group published its first Jorc-compliant MRE at the Monte Muambe rare earths project in Mozambique in September, undertaken by consultancy Snowden Optiro, which included 13.6-million tons at 2.42% total rare earth oxides (TREO) using a cut-off grade of 1.5% TREO.

The group says validation of the potential of the rare earths at Monte Muambe is supported by the publication of Snowden Optiro’s scoping study.

Altona also increased its holding in Monte Muambe to 51% and lodged a mining licence application with the Mozambique government.

Advanced metallurgical studies are ongoing on Monte Muambe, the results of which are expected to lead to a considerable improvement in the project’s operational and capital expenditure.

A post-year-end portfolio expansion and diversification programme has started, with the acquisition of the Kabompo South copper project, in Zambia. Field activities will start in the second quarter.

Further funding without shareholder dilution was achieved through the signing of a short-term loan facility of up to £250 000.

Simonet informs that this year will see Altona continue to derisk Monte Muambe, especially through ongoing mineralogical and metallurgical test work, the results of which are expected to have a favourable impact on the project’s economic parameters, but also through the licensing process.

He highlights that it will be “a year of transformation for Altona”, with the group currently expanding and diversifying its portfolio, with a focus on projects having a low-entry cost with a clear pathway to early results and to majority ownership.

“The acquisition of the exciting Kabompo South copper project . . . marks a first step in this direction,” Simonet avers.