Business
Auxico Resources Reports on Recent Developments and Start of Colombian Tin Trading Operations
MONTREAL, Feb. 21, 2023 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce the initiation of its tin trading operations with joint venture
About this update from Auxico Resources Canada, Inc.
[{"type":"text","content":" MONTREAL, Feb. 21, 2023 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce the initiation of its tin trading operations with joint venture partner Gracor S.A.S. The Company has been advancing on various fronts and here provides an update on operations across its projects in Colombia, Brazil, and the Democratic Republic of the Congo (DRC). Auxico's Colombian tin trading operation is set to begin with the export of approximately 15 tonnes of tin at grades exceeding 65% Sn, scheduled for the first week of March and subject to finalizing export documentation. A second tin export is expected for mid-April, with the objective of increasing the frequency and quantity of exports throughout 2023. By the end of February, the Company should commence a sampling program for the maiden NI 43-101 report for the Massangana Tin Tailings Project in Brazil. Facility design and planning is well underway for a Pilot Processing Plant at Massangana to process an estimated 100 tonnes per day of raw tailings. Providing additional cashflow from Brazilian tin sales, the facility is expected to be operational in Q3 2023. A total of 949 tonnes of monazite has now been shipped from the DRC since the start of the export operations in April 2022. Tin Export, Colombia The first trade of 15 tonnes of tin will be executed in cooperation with the local partner Gracor S.A.S., as per the signed joint venture agreement which will provide Auxico with 70% profit share. The Company's objective is to have consistent monthly exports of high-grade tin, with sales made under the Auxico's offtake agreement with Cuex Metal AG. Auxico will continue to develop and nurture community relations in the area to assist the indigenous peoples to expand their supply business; the Company has received supply commitments for approximately 17 tonnes of tin ore for April of this year from the indigenous artisanal miners in Vichada. Minastyc Property, Colombia The Company remains in the queue for the issuance of an environmental permit from Corporinoquia, the Colombian environmental agency for the Company-controlled Minastyc property. This is a concession that represents a vast deposit of alluvial minerals, with a mass of on-surface material that includes high-grade tin, material containing > 56% total rare earth oxide content (TREO), and other critical mi...