The junior miner told investors that the company’s new ticker will be 'KDNC' once the name change is be completed, which it expects to be next Monday (27 March).
Aside from the change of name, Rare Earth also announced that the beneficiation continuous pilot plant testing at the Yangibana neodymium project in Western Australia, in which it has a 30% stake, has been completed.
The pilot plant testing “successfully validates the simple and effective flowsheet of Yangibana flotation process” and confirmed 70% total rare earth oxide (TREO) recovery at a final concentrate grade of 23% TREO.
REM added that work was continuing to optimise the process further and improve recovery to above 80%.
The te3sting generated the concentrate for the next stage hydrometallurgy pilot plant operation which is scheduled for later this month.
REM has a 30% free carried interest to start of the bankable feasibility study (BFS) stage of the Yangibana North rare earth deposit, which means the exploration costs until the commencement of the BFS will be borne solely by Hastings Rare Metals (70% owner and operator).
Shares in Rare Earth were unchanged at 0.53p on Monday morning.