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(Sharecast News) - India and West Africa-focussed gold exploration and development company Panthera Resources updated the market on its 14.2% interest in Anglo Saxony Mining (ASM) on Tuesday.
The AIM-traded firm said ASM owns the Tellerhäuser Polymetallic Project in Germany, and had recently completed a pre-feasibility study to produce tin and associated metals including zinc, indium, and magnetite.
It said the project, which had now been granted mining licence, is about 230 kilometres south west of Berlin, and 115 kilometres north west of Prague.
ASM has the overarching strategy of becoming a "significant" Europea-focussed tin and associated metals mining company, the board explained, adding that there was currently an absence of any significant tin production in Europe, with tin considered to be a 'critical raw material' in Germany.
"After some delay, the Upper Saxony Mining Authority has now granted a 50-year mining licence to ASM for the Rittersgrün field," the board explained in its statement.
It said the mining license extends over a total of 41,496,900 square metres, and covers the Hämmerlein, Tellerhäuser and Breitenbrunn deposits.
"Under the terms of the license, Saxore Bergbau - a subsidiary of ASM - has been granted a mining license to explore and exploit the mineral resources for tin, zinc, indium, iron, arsenic, antimony, beryllium, lead, boron, caesium, cadmium, fluorite, gallium, germanium, gold, cobalt, copper, lithium, manganese, molybdenum, nickel, niobium, silver, barite, tantalum, bismuth and tungsten."
ASM had also closed the first tranche of a recent financing for a total of £0.28m at 8p per share, supported by ASM's shareholders including the Baker Steel Resources Trust.
The German corporate advisor, Deutsche Gesellschaft für Wertpapieranalyse (DGWA), was also appointed by ASM to act as its lead financial advisor in the country.
Panthera said DGWA has "extensive experience" in the mining sector, having advised on initial public offerings on the Frankfurt Stock Exchange, and raised funds for numerous mining ventures including the European Metals Cinovec lithium and tin project nearby in the Czech Republic.
"Following a Covid-19 led weakening in tin prices, the tin market has strengthened with prices rebounding to above pre-Covid levels at $17,020 per tonne, having been as low as $13,375 per tonne in the first quarter," Panthera said.
"Both tin mines and smelters began cutbacks in production in the first quarter in response to the lower prices, with most of these operations back online by the end of the second quarter.
"Roskill, a leading industry forecaster, projects that tin supply to move further into deficit unless there is new production coming online."
At 1015 BST, shares in Panthera Resources were up 10.32% at 5.24p.
10 Apr 2024 13:36
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