Pete Gardner, Chief Financial Officer of Rainbow Rare Earth, is leading a remarkable turnaround for the company, transforming a loss-making mining operation in Burundi into a sustainable player in the global rare earth metals market. Drawing on his diverse experience from the dot-com boom to natural resources fundraising, Gardner has redefined Rainbow’s strategy, focusing on greener recovery methods and positioning the company for growth in a Chinese-dominated industry.
“Every business model was about building a website and making a fraction of a cent per user thought,” Gardner told reporters, reflecting on the era’s exuberance. “Companies raised millions on those ideas—it was astounding.”
When the bubble burst, Gardner pivoted to fundraising for natural resources, joining a public company as CFO in 2005 despite limited sector expertise. “You learn quickly,” he said, describing the developer mindset: “Find something, prove it works, de-risk it, and sell it.”
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Gardner joined Rainbow Rare Earth during a challenging period, with the company struggling against a market where Chinese state-owned enterprises control 90 percent of global rare earth supply.
“We were price takers, and that made it tough,” Gardner explained, noting the difficulty of pitching a growth story for a loss-making asset. Tasked with turning the operation around, he spearheaded a strategic pivot to recover rare earth metals from secondary sources and industrial waste in South Africa, emphasizing lower costs, higher margins, and sustainability.
“It’s about changing the narrative,” Gardner said, highlighting Rainbow’s rebranding and focus on eco-friendly practices. The company’s new direction has not only improved its financial outlook but also positioned it as a forward-thinking player in the global rare earth sector, with plans to explore similar opportunities worldwide.
Gardner’s career in natural resources has also fueled his passion for exploration. “The mining industry takes you to places you’d never see as a tourist,” he said, citing projects in Rwanda and Burundi. If not for corporate finance, Gardner mused, he might be traveling the world with a camera, capturing destinations like South America or Japan. “With Elon Musk’s money, I’d do it purely for pleasure,” he quipped.
