Rainbow Rare Earths is a LSE-listed rare earths mining and exploration company. It owns the Gakara project in Burundi, and has produced high-grade rare earth concentrate since 2017. It is Africa’s only rare earths producer, and has launched an expansion programme aiming to make Gakara the second-largest rare earth producer outside China.
George Bennett, CEO
George Bennett has over 25 years’ experience in mining, finance and management. He has led a number of mining and energy companies, including Shanta Gold Ltd (listed on LSE in 2005), OreCorp Ltd, Argentum (Pty) Energy, and most recently Karo Power (Pvt) Ltd.
In 2006, George established MDM Engineering Ltd, which he successfully listed on the London Stock Exchange in 2008. MDM Engineering Ltd is a mining engineering company building mineral process plants and mining infrastructure throughout Africa. In 2014, George was instrumental in selling the business to Foster Wheeler Limited for US$120 million.
In addition, George has been a partner and director with a number of leading financial, broking and advisory businesses including Fergusson Bros, Simpson Mckie, and HSBC Securities Africa (Pty) Ltd.
What is your rationale for attending 121 Mining Investment?
To promote the project and the vision of the Company, and to attract new investors.
What recent news would you like to highlight to investors attending?
18 Dec and 25 Nov 2019 – drilling updates confirming extent of mineralisation at Kiyenzi
22 Nov 2019 – acquisition of RE permits in Zimbabwe
22 Nov 2019 – appointment of SP Angel as brokers and advisors
28 Aug 2019 – appointment of G Bennett as CEO and update in strategy
What are your key goals for the next 3, 6 and 12 months?
Complete initial JORC Resource at Kiyenz, Gakara, and increase concentrate production
Complete second drilling and test programme at Kiyenzi, and acheiving break-even production at Gakara
Establish timeline for a bankable feasible study for the expansion of Gakara into a 10k tpa producer with a mine life of at least 10 years
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Production challenges in the near term
Completing exploration and metallurgical testwork needed to confirm that Gakara is a world-class deposit
In a sentence, what do you think makes your company such a compelling investment?
Gakara is a world-class rare earths project delivering high-grade concentrate into a market on the cusp of undergoing exceptional growth driven by demand for RE magnets from EVs and green technologies.