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South Africa and Brazil
Rainbow Rare Earths Limited
An LSE-listed company developing rare earth recovery from phosphogypsum stacks at Phalaborwa, South Africa, and, with Mosaic, at Uberaba, Brazil, planning separated NdPr oxide on site.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- The DFC US$50M is an option exercisable only after a credit-approved term sheet for construction debt is received (RNS, 5 Dec 2023).
- The first-production target for Phalaborwa moved from 2026 (Oct 2022 PEA) to 2028, and DFS completion moved from 2026 to H1 2027 (Sep 2026).
- Cash was US$1.4M at 31 Dec 2025 before a US$14.6M subscription; FY2025 results coverage said further capital would be needed before 31 Dec 2026.
- The Neo Performance Materials offtake is a non-binding MOU subject to definitive agreements.
- The latest Phalaborwa capex (US$326.1M, Dec 2024) predates flowsheet changes announced in Jul 2026 (CIC replaced by SX, acid bake replaced by CIX); an updated figure awaits the Q4 2026 PFS.
At a glance
- Founded
- Not established in public sources — Guernsey-incorporated company that took a standard listing on the London Stock Exchange in early 2017 (chairman Adonis Pouroulis) to develop the Gakara rare-earth concentrate mine in Burundi. Gakara mined from Sep 2017 and exported concentrate until export permission was suspended in 2021; it is now on care and maintenance. Since 2021 the company has focused on recovering rare earths from phosphogypsum stacks (Phalaborwa, South Africa; Uberaba, Brazil).
- Headquarters
- Guernsey (incorporation); operating office not verified
- Ownership
- Listed on the Main Market of the London Stock Exchange (LSE: RBW); also quoted OTC as RBWRF. Holders above 3% per company website (page updated Aug 2026; 702,375,589 shares in issue): Adonis Pouroulis 12.7%, TechMet Limited 10.7%, George Bennett (CEO) 5.9%, Caden Holdings 5.26%. Ecora Resources holds a royalty and about 10.4M shares. The Mar 2026 £11.1M subscription included Traxys Group and two US single-family offices. Rainbow holds 85% of the Phalaborwa project; Bosveld Phosphates holds 15%.
- Stage
- Early stage. No investment decision on Phalaborwa or Uberaba: Phalaborwa is at pilot and study stage (PFS Q4 2026, DFS H1 2027), and the DFC equity is conditional on construction debt. Rainbow's only past rare-earth output was Gakara concentrate in Burundi (2017-2021), now on care and maintenance.
- Listing
- LSE: RBW · OTC Markets: RBWRF
- Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Phalaborwa planned throughput and output (interim results flowsheet) | In: 2.2 Mt/yr phosphogypsum. Intermediate: about 10,000 t/yr mixed rare earth product (MREP). Out: about 1,800 t/yr separated NdPr oxide; about 60 t/yr Dy, 20 t/yr Tb and 140 t/yr Y (in SEG+ carbonate or toll-separated) | Announced | Mar 2026 |
| Phalaborwa planned output (company project page, Dec 2024 Interim Study basis) | Out: about 1,865 t/yr separated NdPr oxide; about 80 t/yr Dy+Tb and about 140 t/yr Y in SEG+ mixed rare earth carbonate; overall recovery about 65%; 16-year life | Announced | Sep 2026 |
| Phalaborwa pilot plants | Front-end pilot at Mintek, Johannesburg (continuous operation from Jan 2024); back-end CIX/CIC separation pilot with K-Tech in Lakeland, Florida (from Jan 2024; CIC since replaced by SX); final-phase pilot launched Jan 2026 and ran through H1 2026; SX circuit feed rate below 5 m3/h. An integrated pilot-scale SX campaign is planned in Johannesburg. | Pilot scale | Sep 2026 |
| Uberaba planned throughput and output | In: about 2.7 Mt/yr phosphogypsum. Out: 1,900 t/yr separated NdPr oxide and 600 t/yr SEG+ product; 30-year initial life | Announced | Mar 2026 |
| Gakara, Burundi (rare-earth concentrate mine) | Out: concentrate exports of about 575 t by mid-2018, 350 t in 2019 and 500 t in 2020 (Wikipedia); operations suspended 2021; on care and maintenance | Historical | Oct 2025 |
Narrative
Rainbow listed in London in 2017 on the Gakara rare earth concentrate mine in Burundi, which was suspended in 2021, and has since turned to rare earths left in phosphogypsum, the waste of phosphate fertilizer production. At Phalaborwa in Limpopo, where it holds 85% alongside Bosveld Phosphates, the resource is 35.0 Mt at 0.44% TREO, with NdPr 29% of the rare earths. The current plan treats 2.2 Mt/yr of gypsum by leaching and ion exchange and then separates the product on site by solvent extraction into about 1,800 t/yr of NdPr oxide and a heavy rare earth carbonate containing about 60 t/yr of dysprosium and 20 t/yr of terbium; the separation route changed from K-Tech's continuous ion chromatography to solvent extraction in July 2026, after the last published capital estimate of US$326.1 million. A pre-feasibility study is due in the fourth quarter of 2026 and a definitive study in the first half of 2027; first production, targeted for 2026 in 2022, is now shown for 2028. The US International Development Finance Corporation's US$50 million is a conditional option to invest through TechMet, exercisable only once construction debt has an approved term sheet. In September 2026 Rainbow signed a non-binding memorandum with Neo Performance Materials for 40% of the NdPr oxide and 65% of the heavy product. At Uberaba, Rainbow is working with Mosaic toward a joint venture in which Mosaic would hold 51%; a pre-feasibility study began in September 2026.
Where public sources disagree
- Sources describe the DFC US$50M differently: the Rainbow RNS of 5 Dec 2023 describes an option exercisable only for three months after receipt of a credit-approved term sheet for construction debt, and the Mar 2026 interim results call it a 'funding option in place'; Mining Weekly (27 Oct 2025) and Proactive describe it as US$50M 'committed' equity; AP (19 Apr 2026) says funds are deployed only after construction begins.
- Two company sources give different Phalaborwa NdPr output: the company project page gives about 1,865 t/yr separated NdPr oxide with about 80 t/yr Dy+Tb; the interim results (31 Mar 2026) give about 1,800 t/yr NdPr oxide with about 60 t/yr Dy and 20 t/yr Tb (Dy+Tb = 80 t/yr). The NdPr difference is about 65 t/yr (3.5%).
- The Interim Study price deck is reported differently: the company project page lists the 2022 PEA prices (Nd US$110/kg, Pr US$112.50/kg, Dy US$340/kg, Tb US$1,875/kg) alongside the Dec 2024 Interim Study economics; the Dec 2024 RNS text as retrieved cites separated oxide prices of US$60/kg NdPr, US$250/kg Dy and US$800/kg Tb.
- The Phalaborwa DFS date differs: the interim results and subscription RNS (both 31 Mar 2026) say the DFS completes in 2026; the Neo MOU release (24 Sep 2026) says a PFS in Q4 2026 and the DFS in H1 2027. Miningmx (24 Sep 2026) says the DFS was originally planned for 2025; no primary source for 2025 was found.
- Uberaba construction timing and study timing overlap: the Mosaic release (11 Mar 2026) targets construction start in 2027, while the PFS commenced 7 Sep 2026 is expected to complete in H2 2027, with a DFS to follow if results are favorable.
Latest reports
| Period | Published | Report |
|---|---|---|
| Six months to 31 Dec 2025 | 2026-03-31 | Interim Results for six months to 31 December 2025 |
| Year to 30 Jun 2025 | 2025-10-27 | Publication of Annual Report and Notice of AGM |
Across these reports
Cash was US$1.4M at end-2025 before a US$14.6M raise in March 2026. Phalaborwa's first production has moved from 2026 to 2028 and the separation route changed in July 2026.
| Measure | What the reports show |
|---|---|
| cash | US$3.9M at 30 Jun 2025 (results coverage, Oct 2025) to US$1.4M at 31 Dec 2025 (interim RNS); followed by about US$14.6M subscription on 31 Mar 2026. H1 FY2026 net loss US$5.9M. |
| study | Phalaborwa capex US$295.5M (PEA Oct 2022) to US$326.1M (Interim Study Dec 2024); NPV10 US$627M to US$611M. Flowsheet since changed (acid bake to CIX, CIC to SX); updated economics pending PFS Q4 2026. |
| resource | Phalaborwa from 30.7 Mt @ 0.43% TREO Inferred (2022) to 35.0 Mt @ 0.44% TREO with 31.2 Mt Measured + Indicated (Sep 2024). |
| study | Uberaba Economic Assessment Mar 2026 (capex US$279M, NPV10 US$916M) and PFS commenced Sep 2026 with Mosaic. |
| capacity | Phalaborwa planned NdPr oxide output about 1,800-1,900 t/yr across PEA (2022), Interim Study (2024) and interim results (2026). |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Phalaborwa first commercial production | 2026 (PEA, 3 Oct 2022; repeated in DFC RNS 5 Dec 2023 and K-Tech RNS 11 Jan 2024) | 2028 (company project page; AP coverage 19 Apr 2026; Miningmx 24 Sep 2026). Company RNS in 2026 state construction by end-2027 without a production year. | moved later |
| Phalaborwa DFS completion | 2026 (FY2025 results coverage Oct 2025; interim results 31 Mar 2026 'later this year'; subscription RNS 31 Mar 2026 'in 2026') | PFS Q4 2026, then DFS H1 2027 (Neo MOU release, 24 Sep 2026) | moved later |
| Phalaborwa construction start | 2027 (FY2025 results coverage, Oct 2025) | by end of 2027 (interim results, 31 Mar 2026); early 2027 per AP (Apr 2026) | not yet due |
| Bosveld 15% call option deadline | 31 Dec 2025 (Jun 2023 agreement) | 30 Jun 2027 (interim results, 31 Mar 2026) | moved later |
| Uberaba initial production | 2030 (Mosaic/Rainbow release, 11 Mar 2026) | 2030; PFS due H2 2027 (RNS 7 Sep 2026) | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Interim Results for six months to 31 December 2025 — Rainbow Rare Earths RNS via Investegate (2026-03-31)
- Subscription raises £11.1m from investors — Rainbow Rare Earths RNS via Stockopedia (2026-03-31)
- Update on the Phalaborwa Rare Earths Project DFS — Rainbow Rare Earths RNS via Stockopedia (2026-07-01)
- Rainbow Rare Earths Signs Neo MOU for Phalaborwa Technical Partnership and Offtake — ADVFN (2026-09-24)
- Neo Performance Materials Signs MOU with Rainbow Rare Earths for Magnet Rare Earth Offtake from the Phalaborwa Project — Neo Performance Materials (2026-09-24)
- Rainbow agrees Phalaborwa offtake framework with Neo Performance — Mining Technology (2026-09-25)
- Rainbow Rare Earths paves way for SA mine in offtake deal — Miningmx (2026-09-24)
- Rainbow Rare Earths deal with Neo clears path for Phalaborwa study — MINING.COM (2026-09-24)
- Rainbow and Mosaic Commence Uberaba PFS — Rainbow Rare Earths RNS via ticker.app (2026-09-07)
- Mosaic and Rainbow Rare Earths Advance Uberaba Rare Earths Project in Brazil — Mosaic via Nasdaq (2026-03-11)
- Rainbow Rare Earths launches final phase pilot plant (title only seen via search) — Mining Weekly (2026-01-13)
- Rainbow making progress on Phalaborwa DFS — Mining Weekly (2026-07-01)
- U.S. invests in project to remove rare earth minerals despite differences with South Africa (AP) — PBS NewsHour (2026-04-19)
- Phalaborwa project page — Rainbow Rare Earths (2026-09)
- Uberaba project page — Rainbow Rare Earths (2026-09)
- Major Shareholders — Rainbow Rare Earths (2026-08-26)
- Rainbow Rare Earths demonstrates resilience amid market challenges — Mining Weekly (2025-10-27)
- Rainbow Rare Earths reaffirms 2026 target for Phalaborwa feasibility study — Proactive Investors (2025-10)
- Publication of Annual Report and Notice of AGM — Rainbow Rare Earths RNS via Investegate (2025-10-27)
- Interim Study confirms Phalaborwa viability — Rainbow Rare Earths RNS via Investegate (2024-12-16)
- Updated Mineral Resource Estimate for Phalaborwa — Rainbow Rare Earths RNS via Investegate (2024-09-11)
- Ecora Resources PLC Announces Acquisition of Royalty over Phalaborwa Project — Ecora Resources via ACCESS Newswire (2024-07-01)
- Phalaborwa, South Africa / Rare Earths — Ecora Royalties (2026-09)
- Rare Earth Oxide separation commences in the U.S. — Rainbow Rare Earths RNS via Investegate (2024-01-11)
- DFC to fund proposed $50M TechMet investment — Rainbow Rare Earths RNS via Investegate (2023-12-05)
- Rainbow signs agreement to obtain full ownership of Phalaborwa — Mining Weekly (2023-06-28)
- PEA Confirms Robust Economics for Phalaborwa — Rainbow Rare Earths RNS via Investegate (2022-10-03)
- Rainbow Rare Earths all set for standard list debut — Proactive Investors (2017-01-24)
- Rainbow Mining Burundi — Wikipedia (2026-09)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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