What if a single mining project could effectively become two, targeting different critical minerals, operating on different timelines, and potentially doubling the value extracted from the same asset? This is precisely the strategy being pursued at the Monte Muambe project by Cedric Simonet, CEO of Altona Rare Earths Plc (LSE:REE).
At the heart of this approach is a geological advantage. Monte Muambe is structured in a way that naturally separates its mineral potential: rare earth elements are concentrated in the central carbonatite intrusion, while fluorspar and gallium are located around the periphery. Rather than treating this as a single, unified development, Altona is advancing it as two distinct projects within the same 25-year mining concession.
Two Projects, One License
The rare earths project is already well-defined, with a resource estimate of 13.6 million tonnes at 2.42% total rare earth oxides. Meanwhile, a mineral resource estimate for fluorspar and gallium is currently in preparation following an extensive drilling campaign.
Each project comes with its own development dynamics. By separating them, Altona gains flexibility, allowing for different timelines, funding strategies, and routes to market. This dual-pathway model creates multiple opportunities to unlock value from the same underlying asset.
Fast-Tracking Fluorspar
The fluorspar component stands out for its near-term production potential. High-grade material identified at surface significantly reduces the complexity typically associated with mine development. In late 2025, the company completed 74 drill holes totalling approximately 3,400 metres to support the upcoming resource estimate.
Metallurgical testing is already underway to refine processing parameters, and the company is targeting a production capacity of 50,000 tonnes per year of acid-grade fluorspar, a critical mineral used in a range of industrial applications.
Altona’s timeline is ambitious but clear:
- Complete a Definitive Feasibility Study (DFS) by the end of the year
- Reach a Final Investment Decision shortly thereafter
- Begin construction in 2027
In parallel, gallium, an increasingly strategic metal used in electronics and semiconductors, is showing promising assay results. The company is now evaluating its recovery as a byproduct of fluorspar production, which could further enhance project economics.
Long-Term Upside in Rare Earths
While fluorspar offers near-term cash flow potential, the rare earths project represents longer-term strategic value. This side of the development recently received a significant boost through a $1.875 million grant from the United States Trade and Development Agency (USTDA).
Importantly, this funding is non-dilutive, meaning it does not require issuing additional shares. It will be used to advance metallurgical and process engineering work as part of a pre-feasibility study.
This support plays a crucial role in de-risking the project. It enables:
- More advanced technical studies
- Improved process design
- Updated economic modelling
- A clearer pathway toward production
Fieldwork is expected to begin in the second quarter, with outcomes feeding into a revised techno-economic model and asset valuation. The involvement of the U.S. government also signals growing strategic interest, particularly in securing supply chains for critical minerals.
A Compelling Investment Narrative
What makes Monte Muambe particularly compelling is its layered value proposition. Investors are not relying on a single commodity or timeline. Instead, they are exposed to:
- Near-term development potential through fluorspar
- Additional upside from gallium recovery
- Long-term strategic value in rare earth elements
- Non-dilutive funding support reducing financial risk
This multi-stream approach not only diversifies risk but also creates multiple catalysts for value creation over time.
Conclusion
Altona Rare Earths Plc is demonstrating how thoughtful project structuring can transform a single asset into a dual-engine growth strategy. By separating and sequencing development across different minerals, the company is positioning itself to deliver both short-term returns and long-term strategic value.
In an environment where demand for critical minerals continues to rise, this kind of flexible, multi-commodity approach could prove to be a powerful model for future resource development.
For more information on Altona Rare Earths Plc visit https://altonare.com/
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