By: OrePulse

Rainbow Rare Earths now expects first production from its Phalaborwa rare earths project in South Africa's Limpopo province in early 2029, later than previously targeted, and said it is weighing a US stock listing during 2027 alongside its existing listing in London.

Chief executive George Bennett said the company plans to "start early construction in the final quarter of 2027, with initial production in the early part of 2029." A pre-feasibility study is due this quarter, to be followed by a definitive feasibility study in the first half of 2027.

On the proposed US listing, Bennett said: "If we do go ahead and do this listing, it will be during 2027." He said the London listing would remain in place regardless, with American trading expected to grow over time; a US listing could help the company raise equity at improved valuations and reduce dilution for existing shareholders.

Rainbow said it expects to fund the project with roughly two-thirds debt and one-third equity. The US International Development Finance Corporation has already committed $50 million toward construction costs. Separately, Neo Performance Materials has agreed to purchase 40% of Phalaborwa's separated neodymium-praseodymium output and 65% of its heavy rare earth products, with a binding offtake agreement expected soon.

The company is also developing the Uberaba rare earths project in Brazil with Mosaic, where a pre-feasibility study is expected to be completed around the end of 2025. First, production is targeted for 2030 at the earliest.

The delay to Phalaborwa's start-up timeline, combined with the dual-listing plan, will shape how investors view one of the more closely watched rare earths developments on the African continent, as Rainbow seeks financing commitments to advance the project toward construction.