InvestmentPitch Media Video Discusses A.I.S Resources' Additional Supply of Manganese Ore from Africa and Negotiations with new Buyer in China - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2019) - A.I.S. Resources Limited (TSXV: AIS) (OTCQB: AISSF) has arranged an additional supply of manganese ore and is in sales negotiations with a new customer. The company has arranged a supply of 30,000 tonnes a month of manganese ore grading 48 to 52% and is in negotiations with Erdos Group, one of the world's largest buyers of manganese.
For more information, please view the InvestmentPitch Media "video" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "A.I.S. Resources" in the search box.
Erdos Group (Inner Mongolia Eerduosi Resources Co Ltd), with operations in Inner Mongolia where most large silicon-manganese producers are located due to the very low cost of power, is active in metals, energy and textiles. With a current market value of US$9.5 billion, Erdos is one of the biggest players in the manganese market. AIS has issued a term sheet for a trial shipment of 10,000 tonnes of Manganese to Erdos, which will gross approximately US$2,000,000 subject to the final CIQ China assay of the Manganese being approximately 50%.
AIS will oversee quality control and assay, shipping and other logistics related key processes. AIS will be buying on an FOB basis and selling CFR to Tianjin China, with shipping out of the Dar es Salaam Port in Tanzania. 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. Other suppliers have approached AIS about replicating this trading strategy and discussions on supply based on grade have begun.
Phil Thomas, President and CEO, stated: "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."
The company's current activities are focused on the mining and trading of manganese ores and exploration and development of lithium brine projects in northern Argentina.
For more information please visit the company's website www.AISresources.com, contact Phil Thomas, President and CEO, by email at pthomas@AISresources.com or Martyn Element, Chairman, at 604-687-6820 or email melement@AISresources.com.
About InvestmentPitch Media
Investmentpitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
Barry Morgan, CFO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49994