Critical Metals PLC on Monday said it entered into an offtake agreement with OM Metal & Resources SARL, a Kinshasa-based supply wholesaler, for the sale of at least 20,000 tonnes of copper oxide ore.
Critical Minerals, an Africa-focused natural resources investor, said the ore comes from its flagship project, the Molulu copper/cobalt project in the Democratic Republic of Congo.
Critical Minerals said the gross price for the sale of copper ore would be around $91.20 per tonne.
Chief Executive Officer Russell Fryer said: ‘In the last few months, we have experienced significant interest from seven different buyers of our product. We are delighted to announce our offtake agreement with OM Metal & Resources, making Critical Metals the first western and London Stock Exchange listed company to produce and sell copper ore in the DRC since Glencore and Ivanhoe. This momentous achievement will provide us with short term cashflow and allows us to fast track our progress at Molulu.’
Further, he added that the company is sticking to its first phase output target of 10,000 tonnes of oxide ore per month, with the partnership with OM Metal enabling a quick monetisation.
Critical Metals shares rose 4.6% to 18.30 pence each on Monday morning in London.
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