Altona Rare Earths (LSE:REE) has issued a Request for Proposals funded by the U.S. Trade and Development Agency (USTDA), inviting qualified U.S. firms to carry out metallurgical and process engineering work as part of a pre-feasibility study for its Monte Muambe rare earths project in Mozambique. The scope includes drilling to obtain metallurgical samples, extensive processing test programmes, environmental and commercial assessments, engagement with potential U.S. off-take partners, and the development of an updated financial model.
The initiative triggers a major technical workstream tied to the US$1.875 million USTDA grant and represents an important milestone in reducing the project’s technical and economic uncertainties. Advancing these studies should help move Monte Muambe closer to potential development while strengthening links with the U.S. rare earth supply chain. Running alongside Altona’s wider strategy of building partnerships in the U.S., the programme may also improve the project’s perceived value and support the company’s ambition to become a supplier of critical minerals.
The company’s outlook remains constrained by weak financial fundamentals, including a lack of revenue, continuing losses, persistent cash outflows and increasing leverage. However, technical indicators provide some support, with the share price trading above key moving averages and momentum indicators such as the MACD remaining positive. Valuation metrics offer limited backing given the absence of earnings and dividend information.
More about Altona Energy
Altona Rare Earths is a London-listed exploration and development company targeting critical raw materials projects across Africa. Its main asset, the Monte Muambe project in north-western Mozambique, hosts rare earth elements alongside fluorspar and gallium. The company also holds the Sesana copper-silver project in Botswana, giving it exposure to metals used in clean energy, advanced technologies, defence and industrial sectors.
At Monte Muambe, the company has already established a JORC-compliant rare earth resource, secured a 25-year mining licence and completed initial technical studies. Altona is also progressing plans to produce acid-grade fluorspar while assessing the potential recovery of gallium as a by-product, pursuing a strategy that combines near-term revenue opportunities with longer-term growth across a diversified critical minerals portfolio.
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