Rainbow Rare Earths and US critical minerals policy: CEO George Bennett’s insights
Rainbow Rare Earths and US critical minerals policy: CEO George Bennett’s insights
–News Direct–
Rainbow Rare Earths Ltd CEO George Bennett joins Proactive's Stephen Gunnion with details of a Financial Times feature that highlighted the company's Phalaborwa rare earths project as a bellwether for US critical minerals policy.
Bennett highlighted the US Development Finance Corporation's commitment of $50 million to Phalaborwa, which is recognized for its potential to become the highest-margin rare earth project globally. Despite recent volatility in critical mineral prices, Bennett stated that Rainbow could maintain substantial EBITDA margins even at lower market prices due to its strategic and economical project design.
Bennett also addressed the global dependency on Chinese rare earth supplies, noting Chinas dominance in production and processing critical for modern technology and defence applications. He proposed that the US government should consider stockpiling rare earths to secure a stable supply chain outside of China. This would support the development of a strategic supply chain in the West, enhancing global supply security.
Furthermore, Bennett expressed confidence in the resilience of the Phalaborwa project against price fluctuations, citing its innovative recycling of gypsum waste in South Africa as a key factor in its low production costs and high profitability potential.
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View source version on newsdirect.com: https://newsdirect.com/news/rainbow-rare-earths-and-us-critical-minerals-policy-ceo-george-bennetts-insights-413680041
Rainbow Rare Earths Ltd
COMTEX_451720011/2655/2024-05-01T10:22:36
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