London-listed Altona has received formal regulatory approval from the Mozambican Minister of Mineral Resources and Energy regarding the increase of its shareholding in Monte Muambe Mining to 51%.
Monte Muambe Mining is the Mozambican subsidiary holding the prospecting licence encompassing the Monte Muambe rare earths project in the country.
In December last year, Altona announced that, following the successful completion of Phase 2 of the Monte Muambe project, its holding in Monte Muambe Mining had increased from 20% to 51%, with the transfer subject to final approval by the Minister of Mineral Resources and Energy.
“We are very pleased with this promising progress. The speed with which approval was granted by the Ministry shows the level of support our Monte Muambe project has,” says Altona CEO Cedric Simonet.