8th Jan 2024 11:49
(Alliance News) - Aterian PLC on Monday said it has agreed to acquire a 90% controlling interest in Atlantis Metals Pty Ltd, via a share purchase agreement.
The London-based, Africa-focused miner said Atlantis, which is registered in Botswana, holds four prospecting licences in the nation, covering a combined 3,516 square kilometres.
The firm noted that one of the licences is located in the Kalahari copper belt, and covers 999 square kilometres. The remaining three licences are for lithium brine exploration within the Makgadikgadi region.
The remaining three licences cover 4,517 square kilometres, it noted.
Aterian said the vendor of Atlantis will retain a 10% stake, and will manage Atlantis and Botswana exploration activities. Aterian will fund the exploration of the area, with the consideration, exploration costs and service fees expected to amount to USD80,000, payable over 12 months once the SPA is signed.
It noted that the licences are located close to good infrastructure such as power and national highways.
Chair Charles Bray said: "This announcement underscores our strategy of responsibly exploring and mining for critical minerals and metals across Africa, a region vital for a successful energy transition. The signing of this SPA, to acquire substantial mineral licence assets in Botswana, further expands our presence on the continent. It perfectly fits our strategy of focusing on the critical metals, copper and lithium, in stable jurisdictions.
"Furthermore, these new lithium brine licences in Botswana underscore our advancing lithium exploration efforts in Rwanda, where we recently announced an earn-in JV with Rio Tinto. We have been busy and look forward to updating the market on our continued exploration efforts."
Aterian shares rose 4.3% to 0.94 pence each on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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