London Stock Exchange welcomes Altona Rare Earths Plc (LSE: REE) to the Main Market. Altona Rare Earths Plc (Altona) is a mining exploration company focused on the development of Rare Earth Element mining projects in East and Central Africa. Altona began its journey driven by the need for a long-term sustainable mining strategy, guided by experts and prominent market trends, to significantly improve the constant supply of critical rare earth metals needed by many of the world’s major and key industries.

Altona now operates as a resource exploration and development group and is currently focused on the Monte Muambe, a significant Rare Earth Elements (“REE”) mining project. Monte Muambe is a carbonatite hosted REE deposit located in Tete Province, Northwest Mozambique, a mature and safe mining region of Africa, with good infrastructure. The project has so far shown characteristics that are favourable to the fast-tracked development of a low strip ratio open-pit mining operation, in particular the right size and grade.

REE play an essential role in building a clean energy future through the manufacturing of permanent magnets for electric vehicles and wind turbines. They are also key in many varied defence and communication applications. Altona anticipates that through its current and future projects it will be able to provide these seeds for green technology and emerge as a key player in a market currently dominated by China.

As part of the listing process on the Main Market, Altona has raised £2 million through an oversubscribed placing, giving the company a market capitalisation on admission of c.£4.1 million.