By: Energy capital & power

UK firm Altona Rare Earths has raised £507,450 to accelerate the development of critical mineral projects in Botswana and Mozambique towards early monetization.

The capital will be directed towards drilling and advanced metallurgical work under a fluorspar scoping study at the Monte Muambe rare earth project in Mozambique. Altona plans to evaluate its recent gallium discovery at Monte Muambe while securing a strategic partner to support mine development.

The capital raised will finance geophysical surveys and progress the Sesana Copper-Silver project in Botswana to the environmental permitting stage.

Cédric Simonet, CEO of Altona said the participation of new and existing shareholders in the capital raise reflects investor confidence in the company’s assets and strategy.

Altona has drilled over 7,800 meters at Monte Muambe, establishing a JORC Mineral Resource Estimate of 13.6 million tons and securing a 25-year mining license. The company also targets to produce 50,000 tons of acid-grade fluorspar per annum at Monte Muambe.