Altona Rare Earths battles on despite constraints
To say these are challenging times for Africa-focused Altona Rare Earths would be an understatement, with a share price collapse of 67% since securing a full listing on the London Stock Exchange in June 2023. The LSE float was oversubscribed by around half a million pounds amid optimism about REE potential at Altona' s flagship development project in Mozambique , Monte Muambe .
But it could be argued that CEO Cédric Simonet has addressed the danger of Altona being a one-trick pony by having only Monte Muambe within its portfolio by unveiling the acquisition of copper licences in Zambia and Botswana back in February. The Zambian licence was previously held by the copper giant Freeport McMoRan until it made a strategic decision to exit Zambia in 2020.
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