Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF, FRA:RR1) CEO George Bennett spoke to Proactive's Stephen Gunnion about shifting rare earth market dynamics, progress at its Phalaborwa project in South Africa and the development of its Uberaba project in Brazil, alongside the potential benefits of a US stock market listing.
Bennett discussed how Chinese export restrictions and growing Western support for critical minerals are reshaping the market, including the emergence of different pricing levels in China and Europe. He also highlighted rising demand from defence, electric vehicles, wind power and emerging humanoid robotics.
At Phalaborwa, the definitive feasibility study (DFS) has been pushed into 2027 as the company focuses on establishing a robust, economically viable processing route. Bennett explained how its in-house laboratory and pilot plant have accelerated testing and reduced costs, helping the team develop a process to extract rare earths from phosphogypsum. Rainbow has also selected Neo Performance Materials as a technology and potential supply-chain partner.
In Brazil, the Uberaba project is advancing under a joint development agreement with Mosaic. Its economic assessment indicates potential annual earnings before interest, tax, depreciation and amortisation (EBITDA) of around US$210 million against estimated capital expenditure of US$280 million, with a projected post-tax internal rate of return of 40% to 45%. These remain project estimates, not realised financial results.
Bennett also discussed how a potential US listing could broaden access to capital, noting strong US investor participation in the company’s March fundraising.
Watch the full interview for the latest on Rainbow’s projects, partnerships and growth plans.
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