[Tanzania] AB Minerals Corp signs MoU with African Minerals & Geosciences Centre for Strategic Partnership
AB Minerals Corp. is pleased to announce that it has signed a Memorandum of Understanding with the Africa Minerals and Geosciences Centre to establish a Strategic Partnership for the Company’s new Made for Africa Eco-Friendly coltan processing facility, which is expected be located at or near the AMGC facilities in Dar es Salaam, Tanzania.
The overall objective of the MoU is combine the two company’s respective talents and expertise in a collaboration that will create a first of its kind, in-country processing facility for coltan (tantalite bearing minerals). This will realize many of the objectives of the Africa Mining Vision, as well as the Government of the United Republic of Tanzania’s vision for value addition emphasized in Tanzania’s Mineral Policy of 2009 and Mining Act of 2010. This Strategic Partnership will not only generate an ongoing revenue stream for AMGC to fulfill its mandate to its Member States, but will create significant local high-tech employment and promote technology transfer between the companies. The MoU sets out the basic terms to build a Strategic Partnership between ABM and AMGC with the aim of proceeding to a formal Joint Venture Agreement where AMGC will have the role of providing technical services and personnel for the project, and becoming ABM’s key local partner to assist the Company in attaining its final permits and approvals for the installation of this processing facility.
Ibrahim Shaddad, Director General of African Minerals and Geosciences Centre states: “The African Minerals and Geosciences Centre (AMGC) highly appreciates to negotiate with AB Minerals Corp. to form a strategic partnership to bring Coltan processing to Africa and establish a pioneer smelting-refining facility in/or near AMGC, Dar es Salaam; Tanzania. AMGC will be honored and looking forward to a successful working relationship for a mutual interest and in a win-win situation.”
Frank Balestra, CEO of AB Minerals Corp. commented: "I am extremely pleased that we are developing a working relationship with AMGC and their outstanding team. AMGC can provide us with excellent technical skills and facilities and can bring many positive benefits to the project. This MoU represents a significant and exciting step forward for the development of the Company’s first of many coltan processing facilities in Africa. I look forward to providing further updates regarding the project as we move forward together with AMGC.”