Aterian PLC Rwanda: ITSCI Membership Granted (1740O)
January 30 2023 - 2:00AM
UK Regulatory
TIDMATN
RNS Number : 1740O
Aterian PLC
30 January 2023
30 January 2023
Rwanda: ITSCI Membership Granted
Aterian Plc
(" Aterian " or the " Company")
Aterian Plc (LSE: ATN), the exploration and development company
advancing its portfolio of African-focused critical and strategic
metal assets, announces the International Tin Supply Chain
Initiative ("ITSCI") programme for responsible mineral supply
chains has approved the Eastinco Limited ("Eastinco") application
in Rwanda and granted Membership Status to the Company.
International Tin Supply Chain Initiative ('ITSCI')
The Company previously announced that it had applied for
Membership to join ITSCI. The ITSCI programme supports better
governance, human rights, and stability in conflict-affected areas
and monitors supply chains allowing metal users to demonstrate
responsible sourcing of raw materials within the framework of the
ITSCI principles, aligned with the OECD Due Diligence Guidance for
Responsible Supply Chains of Minerals from Conflict-Affected and
High-Risk Areas (2016).
Work Plans for Metal Trading
Aterian, through Eastinco, holds a metals Trading License in
Rwanda, allowing it to purchase concentrates from third parties and
directly export this product and any Company production to refiners
or to sell to other international trading houses. ITSCI membership
was a management requirement to activate the trading business. The
Company is negotiating trade finance partnerships and credit
facilities which involve no dilution to shareholders and is in
advanced discussions with some major metal refineries to process
concentrates. Key staff with extensive trading, traceability
compliance, and technical experience have been identified.
The trading business is being developed, under the supervision
of Mr. Luke Rogers (Aterian COO) and is built on local partnerships
aligned with Rwanda's long-term mining development goals including
increased mining productivity. Rwanda exports approximately 16% of
the global tantalum market, with Kigali a central hub for 3T's
(Tin, Tungsten, and Tantalum) within the region. Establishing a
trading division will provide for additional value to be earned
from the tin, tungsten & tantalum trade (the "3T's") within the
Great Lakes Region.
Charles Bray, Chairman of Aterian, commented:'
"The granting of the ITSCI membership is an important milestone
for the Company and unlocks the capability to build and develop a
metals trading business in Rwanda and the wider Great Lakes Region
of Central Africa. It remains a strategic objective to produce
revenue and increase mining productivity to fund our exploration
efforts and this is a key step to meeting that goal."
Project Summary:
The Company's wholly-owned Rwandan subsidiary, Eastinco Limited,
is currently engaged in three partnerships in Rwanda with local
entities to explore and develop Tantalum-Niobium and Tin
opportunities. Eastinco holds the metals Trading Licence, which
when operational will facilitate the trading of metal concentrates
within the region.
- ENDS -
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
For further information, please visit the Company's website:
www.aterianplc.com or contact:
Aterian Plc:
Charles Bray, Executive Chairman -
charles.bray@aterianplc.com
Simon Rollason, Director - simon.rollason@aterianplc.com
Financial Adviser and Broker:
Novum Securities Limited
David Coffman / George Duxberry
Colin Rowbury
Tel: +44 (0)207 399 9400
Financial PR:
Yellow Jersey PR - aterian@yellowjerseypr.com
Tom Randell / Bessie Elliot
Tel: +44 (0)20 3004 9512
Notes to Editors:
About Aterian plc
www.aterianplc.com
Aterian plc is an exploration and development company with a
diversified portfolio in Africa of critical and strategic metals
projects.
Aterian plc is actively seeking to acquire and develop new
critical and strategic metal resources to strengthen its existing
asset base, whilst supporting ethical and sustainable supply
chains. The supply of these metals is vital for the development of
the renewable energy, automotive and electronic manufacturing
sectors that are playing an increasing role in reducing carbon
emissions and meeting climate ambitions globally.
The Company is currently engaged in three partnerships within
Rwanda, where it is exploring and developing small-scale
tantalum-niobium-tin mining opportunities, in addition to building
a metal trading division. Recently the Company acquired Aterian
Resources Ltd, a wholly owned and battery metals-focused subsidiary
of Elemental Altus Royalties Corp (formerly Altus Strategies plc).
Aterian owns a portfolio of 15 copper and silver projects with a
project area of 762 km(2) in the Kingdom of Morocco.
The Company's strategy is to seek new exploration and production
opportunities across the African continent and to develop new
sources of strategic and critical mineral assets for exploration,
development, and trading.
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END
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