Aterian PLC subsidiary Eastinco Ltd on Tuesday announced it had been invited by the Rwanda mines, petroleum and gas board to discuss terms for a larger mineral exploration licence for the Musasa project area in Rwanda.
Aterian is an Africa-focused exploration and development company. Eastinco is its Rwandan subsidiary.
Aterian said that Eastinco has the option to acquire the 15 % minority partner interest from Kuaka Cooperative, its partner in the Musasa project.
Eastinco noted that it has sent a joint venture termination notice to its partner, Dynasty Construction.
The Muasa licence area has ‘significant mineral potential’, showing potential mineral opportunities for lithium, tantalum, niobium, tungsten, and tin.
The area would increase Eastinco’s total Rwandan project exploration area to 3,100 hectares from 2,750 hectares.
Chair Charles Bray commented: ‘We are very honoured to receive this licence invitation from RMB. The newly expanded Musasa licence area presents an exciting opportunity for the Company in a country we deem to be highly prospective for critical minerals, and we are eager to engage in and conclude discussions with RMB to finalise the terms of this exploration licence’.
Aterian shares were up 2.4% to 60.95 pence each in London on Tuesday.
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