Client NewsAltona Rare Earths Plc: Termination of the Chambe Joint Venture
Altona (AQSE: ANR.PL), an exploration company focused on the evaluation, acquisition and development of Rare Earth Elements (“REE”) mining projects in Africa, announces that, following a recent visit to Malawi by the executive team, it has decided to terminate its interest in the Chambe Rare Earths Project.
The Company follows strict investment criteria for all its acquisitions, to create the best climate for success and shareholder returns. In this instance, certain of these criteria were not being met by its local joint venture partner, primarily the completion of the conditions precedent as set out by the joint venture agreement, leading to the board’s decision to step away from the project now, before the start of exploration work. Only minimal costs have been spent on the project to date, mainly relating to the initial due diligence.
Hilton Banda, representative of the local partner, has ceased to be a non-executive director of Altona with immediate effect.
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