(Alliance News) - Aterian PLC on Monday said the company now possesses ten mineral exploration licenses in Botswana.
The African-focused miner announced it was awarded six copper-silver licences in the Kalahari copperbelt, one of the world's most prospective areas for untapped copper deposits.
Granted for an initial three-year term, the licences are renewable twice for a further two years per renewal, with 50% of the licence area relinquished at each renewal.
Aterian also received formal approval from the Botswanan government and completed its acquisition of a 90% interest in Atlantis Metals Pty Ltd.
Following the acquisition of the private Botswana registered company, Aterian gains an additional prospecting licence in the Kalahari copperbelt, and three lithium brine exploration licences in the Makgadikgadi Pans region.
Aterian Chair Charles Bray said: "Our strategy is to responsibly explore and develop critical minerals and metals across Africa, a region vital for a successful energy transition. Completing this acquisition and portfolio expansion further expands our presence on the continent. It perfectly fits our strategy of focusing on critical metals, copper and lithium, in stable and business-friendly jurisdictions."
The company's Botswanan portfolio of ten licenses covers a total area of 4,486.11 square kilometres and supplements other projects in Morocco and Rwanda.
Aterian shares fell 21% to 0.55 pence each in London on Monday afternoon.
By Elijah Dale, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Aterian Plc (ATN)