US agency confirms intentions to support Monte Muambe project
The US Trade and Development Agency (USTDA) has confirmed its intention to support London-listed Altona Rare Earths’ Monte Muambe rare earths project, in Mozambique.
The confirmation was provided by USTDA deputy director and COO Thomas Hardy on February 8 during his address at the High-Level Engagement on US Support for Critical Mining Projects in sub-Saharan Africa meeting, in Cape Town.
The event was attended by the Altona CEO Cedric Simonet and chairperson Harvey Sinclair.
The USTDA’s support is intended to help define the technical and financial pathway for the development of Monte Muambe, targeting the production of rare earth elements needed for high-strength permanent magnets, defence applications and energy transition technologies.
This support is subject to the execution of a formal grant agreement, which is in preparation.
In the meantime, Altona expects to receive the assay results from its recent fluorspar and gallium drilling campaign in the near future.
The company anticipates that these results, and the resulting mineral resource estimate, will demonstrate that the fluorspar component of the Monte Muambe project represents a viable mining project of significant interest.
“This commitment of support from the USTDA is a powerful external validation of the Monte Muambe project’s strategic quality and economic potential. It highlights the strong, high-level interest from a leading US government institution in developing a secure, alternative source of rare earths.
“This partnership is a clear endorsement of our progress in Mozambique, reinforces our shared objective to advance a project of growing strategic relevance, and highlights the role Monte Muambe can play in building more resilient global supply chains for both rare earths and fluorspar,” Simonet comments.
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