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Altona Rare Earths announces strategic diversification with Botswana copper licence option agreement

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Altona Rare Earths PLC (LSE:REE) chief executive Cdric Simonet discusses the company's binding option agreements on the Sesana copper-silver project in Botswana with Proactive's Stephen Gunnion.

The project is situated within the Kalahari Copper Belt, close to the recently opened Khoemacau copper-silver mine. The licence spans approximately 274 square kilometres and is in a promising location given its proximity to other significant discoveries in a relatively underexplored belt.

Simonet noted that the Kalahari Copper Belt shares similarities with the Central African Copperbelt but has been less explored due to its coverage by the Kalahari sands. Recent advancements in geophysical and geochemical investigation methods now allow for effective exploration in this region.

Airborne geophysical surveys conducted around the Sesana project have identified promising geological formations indicative of potential mineral deposits. These findings have positioned the project as a key component of Altona's diversification strategy, aimed at stabilising the portfolio amidst fluctuating rare earths markets. The diversification includes a focus on copper due to its market stability and the maturity of the copper industry, which offers better valuation and investor understanding compared to rare earths.

The option agreement for the Sesana project is structured in three phases, starting with a one-year exploration phase leading to potential drilling activities aimed at resource definition.

This strategic move is part of Altona's broader efforts to manage market risks associated with rare earths by incorporating copper into its portfolio, alongside continuing its commitment to the Monte Muambe rare earths project in Mozambique.

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