The US Government, through the US Trade and Development Agency (USTDA), is supporting Altona Rare Earths’ (LSE:REE) Monte Muambe Rare Earths Project in Mozambique.
Altona says the USTDA’s support is intended to help define the technical and financial pathway for the project’s development, targeting the production of rare earths vital for high-strength permanent magnets, defence applications, and energy transition technologies.
The support is subject to the execution of a formal grant agreement, which is in preparation.
Ahead of executing a formal agreement, Altona expects to receive assay results from a recent drill program in the near future. The company anticipates that these results, and the resulting resource estimate, will show that the fluorspar component of the Monte Muamba Project represents a viable mining project of interest.
CEO Cedric Simonet says this commitment of support is external validation of the 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,” Simonet says.
“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.”
The Monte Muambe Project is a multi-commodity asset located in northwest Mozambique. The company aims to produce 50,000 tonnes per year of acid-grade fluorspar over a 13-year mine life,
Altona Rare Earths is an explorer and developer focused on critical raw materials across Africa.
Write to Aaliyah Rogan at Mining.com.au
Images: Altona Rare Earths
