Aterian and Rio Tinto Mining and Exploration are leading a strategic lithium exploration venture in Rwanda, demonstrating their commitment to crucial developments in the critical metals sector and the global shift towards renewable energy.
Rio Tinto, as part of the lithium-focused Earn-In Investment and Joint Venture Agreement in Rwanda, is actively conducting positive field activities, with Aterian’s local subsidiary, Kinunga Mining, providing crucial support for the establishment of a maiden drill program in 2024.
Sandy Walker, the program manager for Rwanda at Rio Tinto, expressed the company’s pleasure in exploring for lithium in Rwanda and the successful partnership with Aterian through the Kinunga JV.
Simon Rollason, CEO of Aterian, highlighted the progress made in preparation and exploration at the HCK site in southern Rwanda, generating encouraging preliminary data.
Rio Tinto’s managed activities include completing license-wide geological surface mapping, participating in local community projects, and identifying new anomalies through a reinterpretation of Aterian geochemical soil samples.
A ground-based magnetic survey over the entire license has also been conducted to identify covered pegmatites.
The HCK project, a joint venture with HCK Mining Company Limited, encompasses a 2,750-ha exploration license in southern Rwanda.
Aterian holds 70% of Kinunga Mining, which possesses the project’s license, while HCK Mining Company holds the remaining 30%.
Under the agreement, Rio Tinto has the option to invest US$7.5 million in two stages, earning up to a 75% interest in the HCK License.
The ongoing Stage 1 exploration involves a commitment of US$3 million over two years to earn a 51% interest, with Stage 2 exploration expenditures of US$4.5 million over a follow-on period of up to three years to earn an additional 24% interest.
Rio Tinto also holds the option to add Aterian’s two other existing Rwandan projects, pending license approval.
This venture marks a significant stride in advancing lithium exploration in Rwanda, contributing to the country’s pivotal role in the global renewable energy transition.
