Well-known mining investment institution RAB Capital has boosted its holding in Harena Resources (HREE) to 5.53%.
RAB bought the shares from various sellers who had been issued the shares in lieu of the payment of convertible loans at the time Harena completed its reversal into the shell that was then known as Citius Resources.
RAB previously held 6.9 million shares in Harena, but has now added approximately 16 million more shares to its holding.
Speaking of the potential of Harena’s Ampasindava rare earths project in Madagascar, Philip Richards, the long-time manager of RAB said: "This is an exciting rare earth project in a safe jurisdiction and with considerable past expenditures on the resources. The coastal location should prove optimal for seaborne logistics and international markets."
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RAB’s increased involvement is a clear endorsement of the potential that Ampasindava offers, and it's not hard to see why the fund is so interested. The project is already one of the largest ionic clay rare earth projects globally, and its situation in the neutral jurisdiction of Madagascar should further heighten the appeal of the project to future potential partners.