Rainbow Rare Earths receives USD $12 million from Chrystal Capital investors
Chrystal Capital has secured financing for Rainbow Rare Earths to develop the company’s high-grade rare earth “Gakara” project in Burundi.
The financing agreement is for an investment of up to USD $12 million, subject to the completion of certain milestones, which will fund the project through to full production.
The Gakara project hosts a deposit with a very high Run-of-Mine grade of 54.3% on average Total Rare Earth Oxide with high quality and well understood mineralogy. Rainbow is fast-tracking the project into production and will be producing a high-grade concentrate via simple mining.
Rainbow has been backed since inception by Pella Resources Limited an Africa focused natural resource and energy group with over 50 years’ experience in successfully developing mineral and energy projects across the continent.
“Chrystal Capital provided us with extremely thoughtful introductions to a range of experienced potential investors and acted as a very helpful interface with the investor when we were structuring the deal.”
Chrystal Capital has now completed 32 deals and has raised a total of more than USD $625 million since inception in 2010. Mining remains an area of expertise and focus for Chrystal Capital.