African Energy Metals announces the acquisition of a 170 m2 mining concession in Manono in DRC
The mining company African Energy Metals (AEM) active exclusively in the Democratic Republic of Congo (DRC) in the exploration of metals, announced on July 5, 2022, the acquisition of a mining concession of 170 km² in the region of Manono, in an area contiguous to another exploration permit of 30 km² belonging to it in the same locality.
The new acquisition has “strong potential for lithium, tin, tantalum and rare earths”.
According to inside sources, the transaction is subject to a 60-day due diligence as well as obtaining regulatory approvals.
In return for a 70% interest in a joint venture managing the project, alongside the company E29 Resources Sarl, AEM will issue 2.5 million ordinary shares in favor of the seller who is none other than AuClair ECC SASU , in addition to a cash payment of $150,000 and the issuance of 1 million common shares to its joint venture partner E29.
“The Manono region is becoming the largest gambling area in the DRC due to its high potential for lithium, tin, tantalum and rare earths […]. African Energy Metals finds itself right in the middle of this exciting development. commented Stephen Barley, Executive Chairman of AEM .
Known for the exploitation of tin, the region located in the province of Tanganyika in the south of the DRC has returned to the forefront thanks to the recent discovery by AVZ Minerals of a deposit hosting, according to an estimate in July 2021, proven and probable ore reserves of 131.7 million tonnes of lithium.
