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Altona Rare Earths To Proceed With 70% Stake Acquisition In Monte Muambe Rare Earths Project

Altona Rare Earths Plc (ANR.L) Friday announced its decision to proceed with the plan to acquire up to 70% of the Monte Muambe Rare Earths Project in the Tete Province, Mozambique.

The company on March 24 had signed a Memorandum of Understanding with Ussokoti Investimentos Limitada for the acquisition.

The rare earths exploration and mining company now said its Board has satisfactorily completed the due diligence on the acquisition target and Prospecting License 7573L (Monte Muambe Rare Earths Project).

Altona said it has instructed its UK legal counsel to prepare the final contract, as per the terms of the MoU, to start the earn-in process which will end up with Altona owning 70%.

A further announcement will be issued on signature of the deal.

Christian Taylor-Wilkinson, Chief Executive of Altona, said, "Monte Muambe is, we believe, a significant rare earths project and it is clear both parties are motivated to agree terms and move the project into the exploration phase."

Separately, in its trading update, the company said it believes to be in a strong position, with cash in the bank and all three African mining opportunities progressing as planned.

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