Auxico Resources Canada Inc (CSE:AUAG, OTC:AUXIF) has started its tin trading operations with joint venture partner Gracor SAS.
The mineral development company’s Colombian tin trading operation is set to begin with the export of approximately 15 tonnes of tin (Sn) at grades exceeding 65% Sn, according to a release.
Export is scheduled for the first week of March and subject to finalizing export documentation, Auxico added, with a second tin export is expected for mid-April.
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The firm said it hopes to increase the “frequency and quantity” of exports throughout 2023.
Auxico said it has received supply commitments for approximately 17 tonnes of tin ore for April of this year from the indigenous artisanal miners in Vichada.
The first trade of 15 tonnes of tin will be executed in cooperation with its local partner Gracor SAS under a joint venture agreement which will provide Auxico with 70% profit share. Auxico hopes to have consistent monthly exports of high-grade tin, with sales made under the Auxico's offtake agreement with Cuex Metal AG.
Meanwhile, Auxico said it has been “advancing on various fronts” across its projects in Colombia, Brazil, and the Democratic Republic of the Congo.
"The launch of the tin trading operation (in Colombia) is a significant development for the company as it represents a second source of revenue to complement the current monazite sales from the DRC,” Auxico CEO Frederick Kozak told investors in a statement, adding it was a “first step” in Auxico becoming a diversified critical mineral provider.
“We also anticipate that our ongoing program at the Brazil Massangana project will deliver encouraging results which will allow the company to advance into the next phase of the project and launch the production phase with a Pilot Processing Plant commencing operations in Q3 2023."
For a full update on the firm’s recent operations, click here.
Contact Angela at angela@proactiveinvestors.com
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