Aterian announces successful ITSCI membership application
Published by Joe Toft,
Editorial Assistant
Global Mining Review,
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.
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 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 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.''
Read the article online at: https://www.globalminingreview.com/mining/30012023/aterian-announces-successful-itsci-membership-application/
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