Rainbow confirms agreement to allow 100% ownership of the Phalaborwa REE project in South Africa Rainbow SouthAfrica PhalaborwaREE
- Rainbow Rare Earths announced on Wednesday that it has signed an agreement with Bosveld Phosphates to allow 100% ownership of the Phalaborwa rare earths project in South Africa.
“This updates the original project co-development agreement, which envisaged Rainbow earning a 70% interest in Phalaborwa further to the completion of a pre-feasibility study on the project,” it added.Rainbow noted that under the agreement, the company is also being granted a call option to acquire the remaining 15% of the joint venture owned by Bosveld, in return for US$7 million of equity in the company, at any time from 31 October 2023 until 31 December 2025.
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