Business
A.I.S. Resources Arranges a Monthly Manganese Supply of 1,500 Tonnes and Sells Initial Shipment of 454 Wet Metric Tonnes Manganese
VANCOUVER, British Columbia, Oct. 31, 2019 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V – AIS, OTCQB: AISSF) (the “Company” or “AIS”) announced today tha
About this update from Ais Resources Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 31, 2019 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V – AIS, OTCQB: AISSF) (the “Company” or “AIS”) announced today that the Company has arranged 1,500 tonnes a month of manganese supply. Highlights of the AIS Resources Manganese Production from Peru: AIS has contracted 1,500 tonnes per month of supply from the following sources° Arce Manganese group has 1,000 tonnes available for supply and can provide 1,000 tonnes per month of 43% Mn.° San Jorge mine has 525 tonnes ready to ship to the specification contracted. A sample of the 525 tonnes mined showed 54% MnO. This supply has been paid for. AIS has paid a deposit to Sudamerica for 500 tonnes of 44% lump manganese (“Mn”). We are obtaining quotes to ship from Salaverry Peru, reducing our trucking costs and shipping by loading bags directly into the hold of handymax ships. The current market price for low iron content Manganese is $4.35 per point or at 44% MN benchmark $191.40 per Wet Metric Tonne. Our suppliers have lowered their prices in line with the reduction in the market price to enable A.I.S to maintain profits. Expanding Supply of Manganese Our CEO visited Bolivia in the past week and has sampled the seller’s ore which assayed at 59.4% MnO or approximately 45.7% Mn. They have the capacity to produce 30,000 tonnes per month and the resource is estimated at 1,000,000 tonnes. The product will be shipped from Antafagasta in Chile. AIS is currently investigating trade finance for up to $5million per month. We are negotiating with a supplier from Namibia for 10,000 tonnes a month of 44% Mn, on a CFR basis Tianjin, China. “After a lot of hard work I am delighted we made good progress to expand our production supply capacity. Our CIQ certificate will open the door to access many more buyers around the world and key Japanese traders.” AIS Resources President and CEO, Phillip Thomas stated, “The use of manganese in steel is expanding from the construction industry to the high wear mining equipment market. For example, Xtraalloy steel has 24% Manganese. We will be targeting these producers who require up to 50,000 tonnes a month”. AIS Resources Sells 454 Tonnes Manganese to ChinabaseAIS has sold 454 tonnes of manganese to Chinabase, a large trading company in China. The 21 containers are currently being sampled by Chin...