Piper Sandler lowers Arbor Realty Trust stock price target on credit issues
LONDON - Aterian plc (LSE:ATN) has regained full control of its HCK Project in Rwanda’s Southern Province after Rio Tinto Mining and Exploration Limited decided to terminate their joint venture, according to a press release statement issued Friday.
Rio Tinto concluded that the area lacks the scale potential to support a lithium mine meeting its Tier-1 specifications, despite having invested $4.73 million in exploration activities including surface mapping, geochemical sampling, ground-based geophysics, and four diamond drill holes.
The termination follows Rio Tinto’s earlier notification in July that it would exercise its Stage 1 earn-in rights under the joint venture agreement.
Exploration at the site yielded a high-grade lithium drill intersection of 6.90m at 2.11% Li₂O, including 3.45m at 3.20% Li₂O. Aterian will now focus on developing the project’s tantalum, niobium, and lithium potential.
"The return of ownership of HCK marks an opportunity for Aterian to unlock value on our own terms especially through dedicated tantalum and niobium mining," said Aterian Chairman Charles Bray in the press release.
Aterian plans to integrate Rio Tinto’s technical data into its regional datasets to accelerate mineral target generation and prioritization. The company also intends to engage with new strategic partners to monetize the broader Rwandan opportunity.
The company stated that the joint venture termination is not expected to have a material adverse effect on its near-term operations, and views regaining control of the project as a strategic opportunity.
Aterian describes itself as the only LSE-listed company with an operating presence in Rwanda, including a mineral trading facility.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.