London-listed resource exploration and development company Altona received a crucial boost today, securing formal regulatory approval from the Mozambican Minister of Mineral Resources and Energy for a 51% stake increase in its Monte Muambe Rare Earths Project. This significant development clears the way for Altona to accelerate its exploration and development activities in the potentially game-changing project.

“We are very pleased with this promising progress,” declared Cedric Simonet, Altona CEO. “The speed with which approval was granted shows the level of support our Monte Muambe project has from the Mozambican government.”

The approval relates to Altona’s acquisition of an additional 21% stake in Monte Muambe Mining Limitada, the Mozambican subsidiary holding the prospecting license for the project. This increases Altona’s total ownership to 51%, marking a major step towards full control of the resource.

Analysts predict that the Monte Muambe project holds significant potential, possibly hosting one of the world’s largest rare earth deposits. Rare earths are vital components in modern technology, powering everything from electric vehicles and smartphones to wind turbines and lasers. With global demand soaring and supply chains increasingly strained, Mozambique could become a key player in meeting this critical need.


“This is a watershed moment for Altona and for Mozambique,” stated João Gaspar, president of the Mozambican Association of Mining Industries. “The Monte Muambe project has the potential to create significant economic opportunities for the country, attracting investment, generating jobs, and contributing to sustainable development.”

However, challenges remain. Mozambique’s recent history of violence and instability, coupled with environmental concerns surrounding mining activities, requires careful consideration. Altona has emphasized its commitment to community engagement and environmental responsibility, outlining plans for transparent operations and a focus on mitigating any potential impact on the surrounding environment.

“We are fully aware of our responsibilities,” Simonet affirmed. “We are dedicated to working closely with local communities and authorities to ensure the project benefits everyone while adhering to the highest environmental standards.”

With the regulatory hurdle cleared, Altona now sets its sights on advancing exploration and feasibility studies at Monte Muambe. The company aims to define the full extent of the rare earth resource and develop a viable plan for responsible and sustainable mining. Should all go according to plan, the project could bring substantial economic benefits to Mozambique and position the country as a major player in the global rare earths market.

By: Stephen.C.Chilowa

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