Modern Mining August 2023

RARE EARTHS

as we are looking to achieve the highest possible percentage of clean energy for our operations, CBM may be a suitable option.” Time-line to production According to Simonet, the emerging miner has set a rather ambitious objective of bringing the Monte Muambe project into production by 2027. “We will achieve this by being highly focused in the way we advance our exploration programme and develop this project. We have the advantage of insight into how some of our peers have managed their projects and have learnt important lessons, including that we should not try to increase our resource base when we already have sufficient grade and size for an actual mining project. The aim is to stick strictly to our planned strategy. Two years from now, we will either have completed our PFS or be in the process of completing it. The PFS will be designed such that it requires only simple upgrades to ensure that the Definitive Feasibility Study (DFS) is advanced with speed. Once the PFS is completed, we will raise capital for mine construction and con sider off-take agreements for our products.” During this year the company will focus on assessing the metallurgical parameters of the proj ect and, as part of its studies, consider the viability of in-country value addition, including further miner als processing options to produce mixed rare earth carbonate (MREC), and possibly partly separated products. Rare earths elements (REE) consist of 17 different mineral elements. “We are keen to consider the option to refine the minerals further to produce the 17 different rare earths elements. However, the step thereafter which is to engage in the production of permanent mag nets, is not a space in which we wish to play.” According to Simonet, Altona’s strategy ties in with the call from governments of resource rich African countries for mining operators to be more transformative and focus on local beneficiation. In many cases, African governments don’t want to see raw ore or mineral concentrates being exported without being refined. At Altona we also see the potential benefits of in-country value addition not just for the host country, but also for the company and our shareholders. As far as Monte Muambe is concerned, we are seriously looking into creating value addition for the project from the scoping study stage and intend to refine our products as far as we possibly can.” Rare earths elements are used in a wide array of high-tech products, such as electric vehicles (EVs), wind turbines, mobile phone and laptop screens, alloys, ceramics, and weapon systems including air crafts and missiles. Some of the most sought after REE are Neodymium, Praseodymium, Terbium and Dysprosium, collectively known as the “Magnet

Altona Rare Earths team on-site.

Inspection of soil samples.

Training session underway.

22  MODERN MINING  August 2023