Shares in Globe Metals and Mining
(ASX:GBE) climbed yesterday after the Africa-focused mineral exploration company posted positive rare earth exploration results.
Globe advises a rock-chip and soil sampling program in Mozambique has uncovered at least five zones of significant rare earth mineralisation, describing the results as exciting, large and diverse.
Providing an update on the rare earths market, Globe says Ernst and Young have forecast demand will increase 60 per cent in the next four years.
Shares in Globe ended 8.16 per cent stronger on Tuesday at 26.5 cents.
In the half year to 31 December 2010 Globe Metals and Mining reported a net loss of $1.8 million.
