REG - Aterian PLC - Rwanda: ITSCI Membership Granted

AterianAnnouncement

30/01/2023 07:00

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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 (http://www.aterianplc.com) or contact:

Aterian Plc:

Charles Bray, Executive Chairman - charles.bray@aterianplc.com
(mailto:charles.bray@aterianplc.com)

Simon Rollason, Director - simon.rollason@aterianplc.com
(mailto: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 (http://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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