Altona Rare Earths pl has secured a US$1,875,000 (£1.4m) grant from the American Government to go towards a rare earths prefeasibility study at Monte Mumabe, in northwest Mozambique.
PARTNERSHIP
The company today signed the agreement with the United States Trade and Development Agency (USTDA) at the US Embassy in Maputo.
The grant will fund the metallurgy and process engineering components of the PFS.
Altona said that operations would include a targeted drilling campaign to obtain representative metallurgical samples.
Additionally, metallurgical testing and engineering studies will cover comminution, beneficiation and hydrometallurgy, including the separation of neodymium-praseodymium oxide from mixed rare earth carbonate.
Altona will also complete environmental and commercial studies, hold discussions with potential American off-take partners and develop a revised financial model.
The company added it would simultaneously continue to develop the fluorpar deposits at the site.
“The USTDA grant represents more than just non-dilutive funding – it is a tangible operational partnership and a powerful strategic endorsement,” said chief executive officer Cedric Simonet.
“Working with the US Government through USTDA significantly advances the company’s ambition to become a major, responsible Western source of magnet rare earths.
“Alignment with US strategic priorities represents a transformative step for Altona.”
He added that the collaboration complemented Altona’s recent application to trade on the OTCQB venture market.
USTDA deputy director Thomas R Hardy said that securing access to rare earths was essential for America’s defence industrial base and its “technological edge”.
“By partnering on the Monte Muambe project, we’re advancing both countries’ strategic priorities: strengthening US supply chain security while supporting Mozambique’s goal of becoming a major player in the global critical minerals market.”