London-listed Rainbow Rare Earths has signed a share placing and royalty agreement with fellow-listed Ecora Resources, raising $10-million for Rainbow to proceed with studies at the Phalaborwa rare earths project.

Rainbow says the agreement endorses its 85%-owned Phalaborwa project, in South Africa’s Limpopo province, as a stand-out opportunity. The project is expected to be one of the highest-margin rare earth projects globally.