Aterian said Rio Tinto is going ahead with a lithium-focused earn-in investment and joint venture in Rwanda after all conditions for the deal were met.
Since the JV was announced, Rio Tinto has been active in Rwanda, establishing its operational infrastructure and recently commenced field operations on the HCK Project, according to a statement from Aterian.
Additionally, Aterian local subsidiary, Kinunga Mining has been working on the project prerequisites, including staff training ahead of the exploration programme.
Charles Bray, Aterian chairman, said: “We can now begin exploring the LCT pegmatite swarm and the 19 identified zones across the 2,750-hectare HCK site and collecting valuable data on the lithium, tantalum, tin, and niobium to generate preliminary resource estimates.”
Terms of the agreement are an option for Rio Tinto to invest US$7.5 million in two stages to earn up to a 75% interest in the HCK Licence and explore for energy transition minerals.
Aterian has a joint venture agreement and operating agreement with HCK Mining Company, a private non-related Rwandan registered entity over a 2,750-hectare exploration licence in southern Rwanda.
Aterian shares were 5% ahead at 1.05p.