London Stock Exchange-listed mining company Aterian has formally launched a pilot test for trading tungsten ore and concentrates in Rwanda. This operational rollout is being executed through its wholly owned subsidiary Eastinco.
The initiative aims to diversify the company’s commercial reach beyond tantalum concentrates, leveraging the sourcing infrastructure, international relationships, and traceability standards previously established in the region.
The commercial expansion of critical minerals in Africa
In line with its operational objectives, the entity expects to raise around £180,000 in additional working capital. This financial injection is being made through the issuance of zero-coupon convertible loan notes targeted at its long-term shareholders.
The instruments issued will convert into ordinary shares at a conversion price set at 25 pence per share, either upon direct notice from the holder or automatically on December 31.
The start of tungsten marketing represents an important step toward transforming Eastinco into a broader critical minerals trading platform.
Our strategy is to test tungsten trading with carefully controlled volumes, strengthen relationships with reliable suppliers and buyers, and rapidly increase invested capital as the trading cycle is validated.
Stated Charles Bray, Chairman of Aterian.
Meanwhile, the allocation of the funds raised will finance operational support systems and the expansion of existing facilities. The physical upgrade will enable segregation, preliminary processing, and bulk purchasing of materials containing tungsten. In this way, Eastinco will increase its operational capacity to aggregate commercially significant lots for regular export.
Traceability control and outlook in tungsten marketing
Likewise, the initial pilot program focuses on verifying the performance of approved Rwandan suppliers, assessing purchase pricing parameters, and defining the material’s technical specifications. In addition, the plan seeks to secure a supply of responsibly sourced ore, supported by audit mechanisms that ensure compliance with international traceability regulations.
Finally, the projected cash flow from this activity will be used to fund the group’s corporate cost structure. In this regard, Charles Bray underscored that the test aims to consolidate a diversified and scalable company, capable of sustainably advancing Aterian’s portfolio of copper, lithium, and tantalum exploration projects through project-level partnerships.
Source: London Stock Exchange
Photo: Shutterstock
