RCS - Africa Minerals & ME - AMME Trading Programme

Australian AgriculturalAnnouncement

07/11/2024 10:30

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RNS Number : 3585L  Africa Minerals And Metals Exchange  07 November 2024

Announcement: FIRST DELIVERY OF RESPONSIBLY SOURCED GOLD AND SILVER FROM
AFRICA BY AMME

 

AFRICA MINERALS AND METALS EXCHANGE LAUNCHES FIRST DELIVERY OF RESPONSIBLY
SOURCED GOLD AND SILVER FROM AFRICA IN 2025

 

London, 07 November 2024, The Africa Minerals and Metals Exchange (AMME) an
initiative of the Africa Minerals Strategy Group
(https://africamineralsgroup.org/) launched its first physical delivery
contract for responsibly sourced gold and silver from Africa for 2025. This
initiative is driven by the need for traceability and greater market
transparency to support and aid regulatory compliance and to provide
additional robustness to the precious metals market and broaden market access
for African minerals. AMME has future plans to issue physically delivered
spot, futures and options contracts. All these contracts will be cleared
through the Africa Minerals and Metals Exchange Clearing Company Limited, the
AMME's clearing house.

 

The Board of AMME on Monday, 29(th) October 2024 approved the first secured
physical delivery of responsibly sourced 5 tonnes of gold and 8 tonnes of
silver from Africa to delivered on a quarterly basis in 2025. The first
delivery to the UAE Market will be done with selected companies who are
members of AMME.

 

The AMME will provide more details about the first delivery contract during
the Dubai Precious Metals Conference from 18(th) - 19(th) November 2024.

 

Supporting Quotes:

 

"This first of its kind secured physical delivery of responsibly sourced 5
tonnes of gold and 8 tonnes of silver from Africa to the United Arab Emirates
presents a strategic opportunity for the Africa Minerals and Metals Exchange
to enhance its service offerings in the precious metals market. By ensuring
security and compliance, this trade programme aims to build long-term
relationships with buyers and establish AMME as a trusted entity in the global
marketplace." H.E Moses Micheal Engadu, Chairman, Africa Minerals and Metals
Exchange and Secretary-General of Africa Minerals Strategy Group

 

"Blaze Metals is pleased to have been given this strategic opportunity to lead
in collaboration with key stakeholders, the successful delivery of AMME's
first responsibly sourced gold and silver from Africa, creating a secure,
transparent and traceable supply of precious metals from Africa using a
holistic approach involving technology, community engagement, responsible
sourcing and compliance with ethical standards ensuring a sustainable precious
metals supply chain that benefits all parties involved while fostering trust
and accountability." Oheneba Nana Kofi Poku, Chief Executive Officer, Blaze
Metals and Vice Chairman, Africa Minerals and Metals Exchange

Media Contact:

Prince Abed Ollennu: prince@africametalsexchange.com | +1 636 378 0589

 

About the Africa Minerals and Metals Exchange (AMME)

The Africa Minerals and Metals Exchange (AMME) is an initiative of the Africa
Minerals Strategy Group. AMME aims to facilitate secure transactions, enhance
market transparency, ensure traceability, compliance with regulatory standards
and responsible sourcing of precious metals from Africa. The Goal of AMME is
to enhance market liquidity, establish robust trading standards and foster
trust among participants in the African precious metals market. Its objectives
include establishing a secure mechanism for the delivery of gold and silver
from Africa to mitigate risks associated with precious metal transactions;
promoting trust and reliability among stakeholders involved in the trade of
precious metals through secure, transparent and traceable transactions; and
adhering to international standards for trading, delivery, and documentation.

 

About the Africa Minerals Strategy Group (AMSG)

The Africa Minerals Strategy Group was established by African Governments to
facilitate International cooperation in the minerals and mining sector among
member African nations with the goal of promoting exploration, extraction,
production, local beneficiation and commercialization to ensure a sustainable,
transparent and secure supply of important minerals while protecting our
environment and improving the quality of life of our population, to spur
socio-economic transformation and prosperity of Africa, and support the energy
transition. The 16 AMSG Founding Member Nations include Botswana, Burundi,
Chad, Democratic Republic of Congo, Guinea-Bissau, Liberia, Malawi, Nigeria,
Sierra Leone, Somalia, South Africa, South Sudan, Tanzania, Uganda, Zambia and
Zimbabwe.

Find out more at https://africamineralsgroup.org/
(https://africamineralsgroup.org/)

 

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