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LONDON - Altona Rare Earths PLC (LSE:REE) (FSE:A8LA) has joined the German Federation of International Mining and Resources (FAB), the company announced Friday.
The membership is expected to strengthen Altona’s network across Europe as it continues to engage with potential strategic partners for its Monte Muambe rare earths project in Mozambique, according to the statement based on a company press release.
FAB represents its members’ interests in various political and economic bodies and is involved in policy making in the mining sector through its connections with the Federation of German Industries and Euromines.
"Altona’s membership participation once again highlights the growing importance of securing sustainable supply chains for CRMs for use in Germany and Europe," said Dr. Martin Wedig, FAB’s Managing Director.
The company, which focuses on critical raw materials in Africa, currently holds copper, fluorspar and rare earths projects. Its Monte Muambe project in Northwest Mozambique has a maiden JORC Mineral Resource Estimate of 13.6 million tons at 2.42% TREO ( Total (EPA:TTEF) Rare Earth Oxides).
Altona CEO Cedric Simonet said the membership comes at a "pivotal time" in the company’s growth as it broadens engagement with European industry stakeholders and potential offtake partners.
The company recently announced the discovery of high-grade gallium in several drillholes at Monte Muambe and is assessing its potential as a co-product of rare earths. Altona is also evaluating the possibility of rapidly putting high-grade fluorspar veins at Monte Muambe into production.
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