Rainbow Rare Earths
Rainbow Rare Earths is a Guernsey-incorporated, LSE-listed mining developer pioneering commercial recovery of rare earth elements (NdPr oxide and SEG+ carbonate) from phosphogypsum waste, targeting EV, wind turbine, and defense supply chains outside China. Lead project Phalaborwa targets 2028 first production. Pre-revenue.
- Company typePublic
- Founded2011
- HeadquartersSt. Peter Port
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Rainbow Rare Earths does
Rainbow Rare Earths Limited is a Guernsey-incorporated, London-listed (LSE:RBW) mining development company pioneering the commercial recovery of rare earth elements from phosphogypsum waste streams generated as a by-product of phosphoric acid production, rather than from conventional hard-rock mining. The portfolio comprises four projects at differing maturity: the lead Phalaborwa project in South Africa (35 million tons of phosphogypsum resource, target first production 2028), the earlier-stage Uberaba joint venture with The Mosaic Company in Brazil (target 2030, post-tax NPV10 up to US$916 million), the Gakara conventional mining project in Burundi, and a longer-dated OCP Morocco exploration with OCP Group and UM6P covering sedimentary-sourced phosphogypsum.
The proprietary flowsheet combines a two-stage phosphogypsum leach (reduced from three stages with residence time cut from 32 to 8 hours), continuous ion exchange (CIX/CIC) producing mixed REE hydroxide at 55-78% TREO (versus Chinese specifications of 42-44%), and solvent extraction separation targeting NdPr oxide at >99.5% purity. Reported cost economics include 60-90% reductions in chemical processing costs versus traditional mining, 69-75% projected EBITDA margins, 90% renewable energy use, and target separation costs below $13/kg. The dual product stream is separated NdPr oxide for permanent magnets in EVs and wind turbines, and SEG+ mixed rare earth carbonate containing dysprosium, terbium, samarium, europium, gadolinium, and yttrium for defense and advanced technology uses.
The business model is B2B and offtake-led, targeting direct supply contracts with EV manufacturers, wind turbine producers, and defense contractors. Investor relations and event-led development are the primary go-to-market channels, with coverage from Berenberg, Canaccord, SCP, and Stifel, and participation in Mining Indaba, Swiss Mining Institute, and BMO. Capital partners include a US$50 million equity commitment from the US International Development Finance Corporation via TechMet, an Ecora Resources royalty/equity package, and a March 2026 £11.1 million raise led by Traxys Group (which services the US government's Project Vault stockpile fund). The company is evaluating a US stock exchange listing to deepen its alignment with Western rare earths supply chains. Revenue is currently pre-revenue, with analyst consensus modelling first commercial revenue of US$756.2 thousand by May 2029.
Rainbow Rare Earths firmographics
Firmographics- Name
- Rainbow Rare Earths
- Legal name
- Rainbow Rare Earths Limited
- Website
- https://rainbowrareearths.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Rainbow Rare Earths is a Guernsey-incorporated, LSE-listed mining developer pioneering commercial recovery of rare earth elements (NdPr oxide and SEG+ carbonate) from phosphogypsum waste, targeting EV, wind turbine, and defense supply chains outside China. Lead project Phalaborwa targets 2028 first production. Pre-revenue.
- Ownership category
- akta.pro rank
Rainbow Rare Earths industry classification
Industry- Product category
- Rare Earth Elements Mining
- NAICS
- Mining, Quarrying, and Oil and Gas Extraction (21), Materials Recovery Facilities (562920)
- SIC
- Miscellaneous Metal Ores (1090), Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Rare Earths Separation & Refining (Oxides/Metals) (IMAKAFAH)
- akta.pro secondary industries
- Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG), Physical Separation (Gravity, Magnetic & Electrostatic) (IMAKALAC)
Keywords
Where Rainbow Rare Earths is headquartered
LocationHeadquarters
- HQ city
- St. Peter Port
Offices3 records
Markets served
Rainbow Rare Earths business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure, Supply Chain
Revenue model
- Rare Earth Element Sales: Pre-revenue company planning to generate revenue from the sale of separated neodymium and praseodymium (NdPr) oxide and SEG+ mixed rare earth carbonate products extracted from phosphogypsum waste. Projected revenue of $756.2 thousand by May 2029 per analyst consensus.
- By-product Sales: Revenue from sale of processed gypsum by-product from the phosphogypsum processing operations.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Rainbow Rare Earths product offering
Product offeringCore offering
Rainbow Rare Earths recovers rare earth elements from phosphogypsum waste streams at its Phalaborwa project in South Africa and Uberaba project in Brazil. The company produces separated neodymium-praseodymium (NdPr) oxide at >99.5% purity and a SEG+ mixed rare earth carbonate containing heavy rare earths (dysprosium, terbium) plus samarium, europium, gadolinium, and yttrium. It also sells processed gypsum by-product as a secondary revenue stream.
Product overview
Rainbow Rare Earths is a mining company pioneering the first commercial recovery of rare earth elements from phosphogypsum waste. The company's portfolio comprises four projects: Phalaborwa (South Africa) and Uberaba (Brazil), which process phosphogypsum from phosphoric acid production, plus Gakara (Burundi) using traditional mining, and OCP Morocco for longer-term development. The company's process delivers two primary product streams—separated neodymium and praseodymium (NdPr) oxide at >99.5% purity, and a SEG+ mixed rare earth carbonate containing dysprosium, terbium, samarium, europium, gadolinium, and yttrium. These products target the green energy transition and defense applications.
Differentiator
Problem solved
Functional benefit
Products and services
- Phalaborwa Project Rare earth elements recovery project in South Africa that extracts rare earths from 35 million tons of phosphogypsum waste at a former chemical plant, targeting production of separated NdPr oxide and SEG+ mixed rare earth carbonate.
- Uberaba Project Rare earth elements recovery project in Brazil developed in partnership with Mosaic, processing phosphogypsum waste at Mosaic's existing fertilizer operations in Minas Gerais, with a post-tax NPV10 valuation of US$916 million.
- Gakara Project Traditional mining project in Burundi using gravity separation to produce rare earth concentrate from a pilot plant with capacity of approximately 200 tonnes per month.
- OCP Morocco Project Longer-term opportunity in partnership with OCP Group and UM6P to develop rare earth extraction techniques from sedimentary-sourced phosphogypsum, which differs from the igneous-sourced phosphogypsum at Phalaborwa and Uberaba.
- Neodymium-Praseodymium (NdPr) Oxide Separated rare earth oxide product targeting >99.5% purity, critical for manufacturing permanent magnets used in electric vehicles and wind turbines.
- SEG+ Mixed Rare Earth Carbonate Mixed rare earth carbonate product including dysprosium, terbium, samarium, europium, gadolinium, and yttrium, produced at 55-78% TREO exceeding Chinese specifications of 42-44%.
Quantifiable outcome
- Process optimization reduced leach stages from 3 to 2 and residence time from 32 hours to 8 hours
- +4 more outcomes
Companies that use Rainbow Rare Earths
Customer profileSegments3 records
Ideal customer profiles3 records
Rainbow Rare Earths technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Rainbow Rare Earths partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core, strategic and supporting.
- The Mosaic CompanycoreRainbow signed a joint project development agreement with Mosaic for the Uberaba rare earths project in Brazil. The project will reprocess phosphogypsum waste at Mosaic's existing fertilizer complex in Minas Gerais. The intended JV structure is 51% Mosaic and 49% Rainbow. The project has a valuation of up to $916 million and targets initial production by 2030.
- Less Common MetalsstrategicUK-based Less Common Metals signed a strategic supply agreement for Phalaborwa gypsum by-product, providing offtake certainty for secondary revenue stream from the project.
- MinteksupportingSouth African mineral research organization hosting Rainbow's pilot plant operations in Johannesburg for process testing and optimization of the phosphogypsum rare earth recovery technology.
- UM6P (University Mohammed VI Polytechnique)supportingPartner in the OCP Morocco project for investigation and development of optimal techniques for extracting rare earth elements from sedimentary-sourced phosphogypsum. UM6P is a Moroccan university with focus on science, technology and innovation.
- OCP Group (Morocco)supportingRainbow entered a master agreement with OCP, the Moroccan world-leading producer of phosphate products, to investigate and develop extraction techniques from sedimentary-sourced phosphogypsum. Test results indicated 0.40% average grade TREO with all four magnet REEs present in the basket.
Scale indicators16 records
Recent moves9 records
Expansion highlights6 records
Rainbow Rare Earths competitors and assessment
Company assessmentDirect peers
- USA Rare Earth: USA Rare Earth is developing the Round Top heavy REE and critical minerals project in Texas and operating a magnet recycling pilot. Directly comparable as a US-focused REE developer pursuing Western, magnet-grade supply chains for defense and clean energy customers.
- Pensana plc: UK-listed Pensana is developing the Longonjo NdPr mine in Angola with a planned Salt End refining hub in the UK. Directly comparable as a London-listed, non-Chinese REE developer focused on separated NdPr supply for Western markets.
- MP Materials: MP Materials owns and operates Mountain Pass, the only scaled US rare earth mine and processor, and is bringing separated NdPr production online. Directly comparable as a Western, mine-to-oxide REE producer pursuing the same magnet-grade NdPr market.
- Iluka Resources: Iluka Resources is developing the Eneabba rare earths refinery in Western Australia to process monazite into separated REOs. Directly comparable as a Western, integrated REE refiner targeting separation capacity for NdPr and SEG/HREE products.
- Mkango Resources: Mkango is developing the Songwe Hill rare earth project in Malawi and downstream separation via HyProMag and rare-earth recycling ventures. Comparable as a small-cap Western REE developer pursuing both primary and recycled rare earth production.
- Lynas Rare Earths: Australia-based Lynas is the largest non-Chinese producer of separated rare earth oxides (NdPr plus SEG/HREEs) via its Mt Weld mine and Kalgoorlie refinery. Directly comparable to Rainbow as a Western-aligned, integrated REE miner/refiner targeting the same EV and defense customers.
- Arafura Resources: Arafura is advancing the Nolans NdPr project in Australia's Northern Territory, targeting magnet-grade rare earth oxide production. Directly comparable as an ASX-listed NdPr-focused developer serving EV and wind-turbine supply chains.
- Energy Fuels: Energy Fuels processes monazite sands and rare earth intermediates at its White Mesa Mill in Utah and has begun producing separated NdPr. Directly comparable as a US-based, Western-aligned REE processor pursuing the same non-Chinese, magnet-grade supply narrative.
Broad incumbents
- Neo Performance Materials: Neo Performance Materials is a global processor of rare earth oxides, metals and magnets with operations in Europe, Asia and North America. Comparable as an established, broader REE processor that competes for the same downstream REE and magnet-grade NdPr customers Rainbow is targeting.
Emerging players
- Vital Metals: Vital Metals (with Cheetah Resources) produced bastnaesite concentrate from Nechalacho in Canada and is exploring downstream separation. Comparable as an earlier-stage Western REE miner whose path to scaled NdPr output mirrors Rainbow's pre-commercial trajectory.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Rainbow Rare Earths social profiles
Digital presenceRainbow Rare Earths financial estimates
Financial estimateRevenue estimate
Valuation estimate
Rainbow Rare Earths leadership team
Management profileNumber of profiles
Profiles7 records
Rainbow Rare Earths subsidiaries and ownership
Company hierarchySubsidiaries2 records
Rainbow Rare Earths funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Rainbow Rare Earths M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Rainbow Rare Earths
What does Rainbow Rare Earths do?
Rainbow Rare Earths recovers rare earth elements from phosphogypsum waste streams at its Phalaborwa project in South Africa and Uberaba project in Brazil. The company produces separated neodymium-praseodymium (NdPr) oxide at >99.5% purity and a SEG+ mixed rare earth carbonate containing heavy rare earths (dysprosium, terbium) plus samarium, europium, gadolinium, and yttrium. It also sells processed gypsum by-product as a secondary revenue stream.
Is Rainbow Rare Earths a public or private company?
Rainbow Rare Earths is a public company. It is classified as public and is currently operating.
When was Rainbow Rare Earths founded?
Rainbow Rare Earths was founded in 2011. It employs 101 to 250 people.
Where is Rainbow Rare Earths based?
Rainbow Rare Earths is headquartered in St. Peter Port.
How does Rainbow Rare Earths make money?
Two revenue lines are on record. Rare Earth Element Sales are the primary driver. The others are by-product Sales.
Who are Rainbow Rare Earths's main competitors?
Direct peers on record are USA Rare Earth, Pensana plc, MP Materials, Iluka Resources, Mkango Resources, Lynas Rare Earths, Arafura Resources and Energy Fuels. Neo Performance Materials is listed as a broad incumbent. Vital Metals is listed as an emerging player.
Does Rainbow Rare Earths have an API?
No public API is recorded for Rainbow Rare Earths.
What industry is Rainbow Rare Earths in?
Rainbow Rare Earths's product category is Rare Earth Elements Mining. Its primary akta.pro industry code is IMAKAFAH, Rare Earths Separation & Refining (Oxides/Metals), with a secondary code of IMAKAFAG, Rare Earths Mining & Concentrates (REE Ores). Its NAICS code is 21 and its SIC code is 1090.