Mar. 16 -- Toyota Tsusho Corporation has signed an MOU giving it an option to acquire up to a 20% interest in the Kasbah Resources' Achmmach tin project in Morocco. Toyota Tsusho is one of the world's largest tin trade houses and claims to account for approximately 8% of the global tin trading and over 50% of all tin consumed in Japan.
Under the terms of the MOU, Toyota Tsusho has the option to earn up to a 20% interest by making a series of payments to Kasbah and finalising a joint venture agreement. The initial funds will be applied to the exploration and development works at Achmmach at Kasbah's sole discretion. The final payment and signing of a joint venture agreement will secure Toyota Tsusho's 20% interest and entitle Toyota Tsusho, on mutually agreeable commercial terms, to a minimum 20% off-take of tin produced.
Kasbah Managing Director Wayne Bramwell noted that "the additional funding provides further scope for Kasbah to accelerate our development works and expand our exploration programs at Achmmach. Toyota Tsusho's expertise can be utilised to maximise our concentrate marketing strategy, whilst their relationship with Japan Oil, Gas and Metals National Corporation (JOGMEC) may provide another project financing option for Achmmach."