Modern Mining July 2024

Updated Makuutu MRE contains over 126 000 t magnetic rare earth oxides ASX-listed Ionic Rare Earths has provided an updated Mineral Resource Estimate (MRE) at its 60% owned Makuutu Heavy Rare Earths Project in Uganda. The company is progressing the development at the Makuutu Project through local Ugandan operating entity Rwenzori Rare Metals. The updated Makuutu MRE is estimated at 617 million tonnes at 630ppm Total Rare Earth Oxide (TREO), above a cut-off grade of 200 parts per million (ppm) TREO minus CeO 2 (TREO-CeO 2 ). This represents an increase of 85 million tonnes (16%) in the total resource with a 2% reduction in overall TREO grade from the previous resource estimate. Importantly, the updated Makuutu MRE has a contained resource of around 126 000 t of magnet REOs and 99 000 tonnes of heavy REOs critical to efforts to establish new sources of strategic raw materials for the energy transition, advanced manufacturing, communications and defence. 

Makuutu MRE contains over 126 000 t magnetic rare earth oxides.

De Beers Group statement on strategy

Following the announcement by Anglo American regarding its intention to explore a range of options to separate the De Beers business, De Beers Group remains fully focused on delivering its strategy and creating value in the interests of all its stakeholders, the company said. Al Cook, CEO of De Beers Group, said: “De Beers has led the diamond industry for more than a century. We have unparalleled expertise, outstanding assets across more than 20 countries, a unique sales model and an iconic brand, synonymous with diamonds. I am confident that we will remain the diamond leader for the next century. The announcement from Anglo American opens up new possibilities under new ownership. But some things will not change. We will continue to deliver value for all our stakeholders, including our partners in Botswana, South Africa, Namibia, Canada, Angola and other countries. In particular, we look forward to finalising our transformational agreement with the Government of the Republic of Botswana, which holds a 15% ownership interest in De Beers.” 

De Beers has led the diamond industry for more than a century.

JULY 2024 | www.modernminingmagazine.co.za  MODERN MINING  5