Altona Rare Earths, a UK-listed mining exploration company, is expanding its focus beyond rare earths to explore non-rare earth critical raw materials in various African countries. This strategic shift follows a comprehensive review of corporate strategy by the company’s board of directors, which identified diversification as a timely move.
As part of this initiative, Altona Rare Earths is assessing new prospects, with a focus on projects offering early results, majority ownership opportunities, and low-entry costs. Additionally, the company has reported significant progress at its Monte Muambe rare earths project in Mozambique. It is currently engaged in prefeasibility study activities and advancing metallurgical testing to further advance the project’s development.
Altona’s CEO, Cedric Simonet, emphasized the importance of building a balanced portfolio of critical raw materials projects across different African countries to complement the Monte Muambe project. This strategic diversification aims to enhance Altona’s risk profile, strengthen its value proposition for shareholders, and ensure a more resilient and dynamic news flow.
Simonet expressed optimism about the opportunities this strategic shift presents and anticipates a transformative year ahead for Altona in 2024.
In December 2023, Altona announced a significant milestone with its stake in Monte Muambe Mining, the Mozambican unit holding the prospecting license for the Monte Muambe project, increasing from 20% to 51% after the completion of Phase 2 of the project.