Business
A.I.S. Resources Arranges Supply of 30,000 Tonnes a Month of Manganese Ore and Commences Sale Negotiations With Erdos Group
VANCOUVER, British Columbia, Nov. 21, 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, Nov. 21, 2019 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V – AIS, OTCQB: AISSF) (the “Company” or “AIS”) announced today that the Company has arranged supply of 30,000 tonnes a month of Manganese ore grading 48-52% Mn and has commenced sale negotiations with Erdos Group, one of the world’s largest buyers of Manganese. AIS has issued a term sheet for a trial shipment of 10,000 tonnes of Manganese to Erdos. Highlights of the A.I.S. Resources Transaction Erdos Group (Inner Mongolia Eerduosi Resources Co Ltd) is active in metals, energy and textiles. It has a current market value of US$9.5 Billion and operations in Inner Mongolia where most large silicon-manganese producers are located due to the very low cost of power. AIS will be buying on an FOB basis and selling CFR to Tianjin China. Shipping will be out of the Dar es Salaam Port in Tanzania. Our suppliers’ grade is very high assaying at 52% Mn. The trial shipment will gross approximately US$2,000,000 subject to the final CIQ China assay of the Manganese being approximately 50% Mn. AIS will oversee quality control and assay, shipping and other logistics related key processes. Other suppliers have approached AIS about replicating this trading strategy and discussions on supply based on grade have begun. The payment from Erdos will be by letter of credit of which 95% can be processed 10 days after the ship leaves Dar es Salaam. Detailed discussions are being held with trade and project financiers to accommodate the payment of shipping and manganese ore. “The Company is pleased to have found suppliers with such high purity of manganese in the 30,000 tonnes per month range. This will make a considerable difference to the Company’s cashflows when the transaction is completed which we expect will occur in January,” A.I.S. Resources President and CEO, Phillip Thomas, stated. About AIS ResourcesA.I.S. Resources Ltd. is a TSX-V listed investment issuer that is managed by experienced, highly qualified professionals who have a long track record of success in lithium and manganese trading, exploration, production and capital markets. Through their extensive business and mining networks, they identify and develop projects worldwide that have strong potential for growth with the objective of providing significant returns for shareholders....