Switch Metals Plc (AIM:SWT) CEO Karl Akueson talked with Proactive about the company’s listing on London’s AIM market and its focus on developing a tantalum project in Côte d'Ivoire.
Akueson explained that Switch Metals, a private company he founded, was acquired through a reverse takeover by Oneiro Energy. The company's flagship Issia project hosts tantalum mineralisation, including occurrences of coltan at the surface. According to Akueson, this provides an opportunity for near-term production from shallow deposits, with the company aiming to reach output within the next two years.
He described tantalum as “a very strategic technology metal… in our mobile phones, laptops, plasma TV, everything we use daily,” highlighting its importance and rarity. Akueson emphasised that 60% of the global supply currently comes from the DRC and Rwanda, and Switch Metals aims to become a significant alternative source.
Discussing the decision to list in the UK, Akueson pointed to his background and the UK’s long-standing understanding of African production. The £2 million fundraise will support resource definition work at Issia, with plans to quickly define a resource and develop economic parameters to demonstrate value.
Proactive: Karl, very good to meet you. Congratulations on this morning's listing on AIM. Before we get into that, tell us more about Switch Metals and the transaction that got you here?
Karl Akueson: Thanks, Stephen, thanks for having me. The background to the transaction is effectively the acquisition by a company called Oneiro Energy, which we reversed into. Switch Metals is a private company I founded a few years ago, based on my vision for Côte d'Ivoire. It's a company focused on tantalum in Côte d'Ivoire.
Tantalum is a very strategic, unique, and rare technology metal—one we have in our pockets. Like I like to say, it's in our mobile phones, laptops, plasma TVs—everything we use daily. It's a metal that's here for the future, and that's what we're going to focus on in a country that is probably one of the best jurisdictions in Africa, and possibly globally.
Proactive: So, Karl, why did you decide to list on AIM?
Karl Akueson: There are two reasons. I have a personal background and a personal link with the UK. I studied and graduated in the UK, both in chemical engineering and finance. I worked as an investment banker in the mining space in London before moving back to Côte d'Ivoire, which is my home country.
In addition, there's a direct relationship in terms of time zones and flights to the UK. Living in Côte d'Ivoire, it's easier to maintain that link. Also, the UK has historically understood Africa, and production is definitely one of our near-term focuses—particularly production of a strategic and niche metal like tantalum. There are few tin stories in the UK, and we thought this was probably the right place for us to be as we start this story.
Proactive: How close are you to production, Karl? I see the emphasis is really on your Issia project?
Karl Akueson: Yes. Issia is a very unique project in the sense that it has some historic small-scale production and tantalum occurrences at surface in the form of coltan. It's an area where we can start production early because we have two advantages: a shallow, shovel-ready deposit that sits in the upper part of the pegmatite, and we've also discovered the pegmatite itself, which offers longer-term potential.
We can begin producing from the surface material, which allows for an accelerated timeline to production. We aim to achieve that within the next two years and will be pushing ahead in the coming months.
Proactive: You raised £2 million through the fundraise. How do you plan to use that to get Issia to production?
Karl Akueson: The funds are going directly into delivering the strategy. We’re full steam ahead on achieving production, which starts with resource definition. That has already begun, and we’ll push it harder in the next few months. All our resources will go towards achieving a first resource at Issia.
Once we have that, we’ll add economic parameters so the market can understand the value of tantalum and what we bring. Many don’t yet understand how tantalum is valued. Once we’ve defined the resource, we can demonstrate scale. We control a large district and aim to de-risk and define the resource as quickly as possible.
Proactive: Tell us a bit more about tantalum—its uses and the supply-demand dynamics?
Karl Akueson: I personally fell in love with the metal when I first looked at it. My background includes founding a gold company, Awalé Resources, but as I started looking into metals, I realised how useful tantalum is.
It’s a metal we use and touch daily—in phones, laptops, TVs, and cars. It’s also critical because it’s hard to find both geologically and geographically. Currently, 60% of the supply comes from the DRC and Rwanda. Buyers are desperate for alternative sources, and Côte d'Ivoire is a place they would welcome.
Proactive: Karl, I think you’ve probably touched on it, but give us the investment case for Switch Metals.
Karl Akueson: In a few words: the country. You want to invest in a stable and growing country, and in a metal for the future. Many metals are critical today, but tantalum is probably one of the most critical and unique.
You don’t want to invest in something you already have in your portfolio. Tantalum stands apart. We are probably one of the companies offering the most exposure to tantalum in the future. We have the right management team, the right board, and strong supportive shareholders. I’m sure a few more people will want to join the journey.