Announcement: FIRST DELIVERY OF RESPONSIBLY SOURCED GOLD AND SILVER FROM AFRICA BY AMME
AFRICA MINERALS AND METALS EXCHANGE LAUNCHES FIRST DELIVERY OF RESPONSIBLY SOURCED GOLD AND SILVER FROM AFRICA IN 2025
DELAWARE, OH / ACCESSWIRE / November 7, 2024 / The Africa Minerals and Metals Exchange (AMME) an initiative of the Africa Minerals Strategy Group launched its first physical delivery contract for responsibly sourced gold and silver from Africa for 2025. This initiative is driven by the need for traceability and greater market transparency to support and aid regulatory compliance and to provide additional robustness to the precious metals market and broaden market access for African minerals. AMME has future plans to issue physically delivered spot, futures and options contracts. All these contracts will be cleared through the Africa Minerals and Metals Exchange Clearing Company Limited, the AMME's clearing house.
The Board of AMME on Monday, 29th October 2024 approved the first secured physical delivery of responsibly sourced 5 tonnes of gold and 8 tonnes of silver from Africa to delivered on a quarterly basis in 2025. The first delivery to the UAE Market will be done with selected companies who are members of AMME.
The AMME will provide more details about the first delivery contract during the Dubai Precious Metals Conference from 18th - 19th November 2024.
Supporting Quotes:
"This first of its kind secured physical delivery of responsibly sourced 5 tonnes of gold and 8 tonnes of silver from Africa to the United Arab Emirates presents a strategic opportunity for the Africa Minerals and Metals Exchange to enhance its service offerings in the precious metals market. By ensuring security and compliance, this trade programme aims to build long-term relationships with buyers and establish AMME as a trusted entity in the global marketplace." H.E Moses Micheal Engadu, Chairman, Africa Minerals and Metals Exchange and Secretary-General of Africa Minerals Strategy Group
"Blaze Metals is pleased to have been given this strategic opportunity to lead in collaboration with key stakeholders, the successful delivery of AMME's first responsibly sourced gold and silver from Africa, creating a secure, transparent and traceable supply of precious metals from Africa using a holistic approach involving technology, community engagement, responsible sourcing and compliance with ethical standards ensuring a sustainable precious metals supply chain that benefits all parties involved while fostering trust and accountability." Oheneba Nana Kofi Poku, Chief Executive Officer, Blaze Metals and Vice Chairman, Africa Minerals and Metals Exchange
Media Contact:
Prince Abed Ollennu: [email protected] | +1 636 378 0589
About the Africa Minerals and Metals Exchange (AMME)
The Africa Minerals and Metals Exchange (AMME) is an initiative of the Africa Minerals Strategy Group. AMME aims to facilitate secure transactions, enhance market transparency, ensure traceability, compliance with regulatory standards and responsible sourcing of precious metals from Africa. The Goal of AMME is to enhance market liquidity, establish robust trading standards and foster trust among participants in the African precious metals market. Its objectives include establishing a secure mechanism for the delivery of gold and silver from Africa to mitigate risks associated with precious metal transactions; promoting trust and reliability among stakeholders involved in the trade of precious metals through secure, transparent and traceable transactions; and adhering to international standards for trading, delivery, and documentation.
About the Africa Minerals Strategy Group (AMSG)
The Africa Minerals Strategy Group was established by African Governments to facilitate International cooperation in the minerals and mining sector among member African nations with the goal of promoting exploration, extraction, production, local beneficiation and commercialization to ensure a sustainable, transparent and secure supply of important minerals while protecting our environment and improving the quality of life of our population, to spur socio-economic transformation and prosperity of Africa, and support the energy transition. The 16 AMSG Founding Member Nations include Botswana, Burundi, Chad, Democratic Republic of Congo, Guinea-Bissau, Liberia, Malawi, Nigeria, Sierra Leone, Somalia, South Africa, South Sudan, Tanzania, Uganda, Zambia and Zimbabwe.
Find out more at https://africamineralsgroup.org/
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SOURCE: AFRICA MINERALS AND METALS EXCHANGE