Monte Muambe Holding increased to 51%

Altona Rare Earths Plc., a resource exploration and development company focused on Rare Earths in Africa, is pleased to announce that, following the successful completion of Phase 2 of the Monte Muambe Rare Earths project as announced on 18 October 2023, its holding in Monte Muambe Mining Limitada has now increased from 20% to 51%.

Monte Muambe Mining Limitada is the Mozambican subsidiary holding the prospecting license encompassing the Monte Muambe Project.

The transfer is subject to the final approval by the Minister of Mineral Resources and Energy, which the Company has sought.

“We are delighted with this progress and the increase of the Company’s holding in Monte Muambe Mining Limitada to 51% materialises the rewards of the completion of Phase 2, representing an important step in de-risking the project further.” Cedric Simonet, CEO of Altona