{deutschland_flagge}Newly London listed tin developer First Tin (LSE: 1SN, FRA: 1SN) has succeeded in attracting the world’s leading lead recycling company, ECOBAT Resources Freiberg (ERF), to its vision of a closed value chain for tin processing in Germany. As First Tin announced today, both parties have signed a corresponding memorandum of understanding.
They formulate the “revitalization of primary tin production, smelting and refining in Germany” as their common goal. ECOBAT is the market leader in the collection, recycling, production and distribution of resources for battery systems. The MOU covers First Tin’s two advanced tin projects, the Tellerhäuser project in Germany and the Taronga project in Australia. The goal is to “jointly build a fully integrated value chain from mine to metal in Germany,” it says. The potential partnership should help ease pressure on this critical commodity in Europe during a global tin shortage, it said.
Over the next 18 months, First Tin’s German subsidiary, Saxore Bergbau GmbH, will jointly develop a concept study and feasibility study for a metallurgical project from primary and secondary raw materials. Assuming the study demonstrates feasibility, both parties intend to enter into basic and detailed engineering in 2023. The MOU is in line with First Tin’s ambition to ensure a fully traceable, ESG-compliant supply of tin from conflict-free sites to Germany and the EU.
Thomas Bünger, CEO of First Tin, commented, “Our Tellerhäuser and Taronga projects have exciting near-term production potential. The agreement now reached is a positive step towards commercialization of our strategically located projects. ECOBAT has the potential to become an offtake partner of First Tin. Together we have the opportunity to create the first fully integrated value chain from mine to metal in Germany and Saxony. This is in line with our mission to provide a sustainable response to the global supply shortage currently faced by many industrial users of tin.”
Summary: First Tin raised £20 million in its IPO a few weeks ago. German CEO Thomas Bünger, formerly a top executive at recycling specialist Aurubis, has consistently positioned the company as an ESG compliant company from the start. In the final analysis, this requires a closed value chain in a country such as Germany, for example, because it would be absurd to produce in Germany or Australia and then export the concentrate to China again in the end. The memorandum of understanding with ECOBAT, the world market leader for lead recycling, is a logical first step. Both partners stand behind the vision of ethically sound tin production. The feasibility study must now show whether this idea is also economically feasible. At the moment, however, the prospect of processing the tin concentrates in Germany is a unique selling point for First Tin compared with (European) competitors who have not yet thought this far ahead.
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