Critical Metals plc, a mining company established to acquire mining opportunities in the critical and strategic metals sector and currently developing an ex-producing copper cobalt mine in the Democratic Republic of Congo (DRC), is pleased to announce the company’s further increased economic interest in the Molulu ex-producing copper cobalt mine (Molulu project) with the acquisition of the final 21.5% of Madini Occidental Ltd (MO) from Madini Minerals Ltd, taking the company’s holding in MO to 100%.
Further to the announcement of 15 December 2022, where the company had offered to purchase the balance of 21.5% in MO held by Madini Minerals Ltd, Critical Metals, which indirectly beneficially owns 55% of the Molulu project has, through its wholly owned subsidiary Critical Metals Mauritius Limited (Critical Mauritius), entered into an agreement to acquire the remaining 21.5% in MO which indirectly owns 70% of the Molulu project. This increases the beneficial ownership and voting control of Critical Mauritius in Madini Occidental Ltd (MO) from 78.5% to 100% and indirectly increases its ownership of the Molulu Project from 55% to 70%. The remaining 30% of the Molulu project is held by the company’s DRC based partners.
The consideration for the share acquisition is £450 000 paid in cash on completion with a further payment of £200 000 on or before 1 October 2023, to be paid in Critical Metals PLC shares at a price equal to the 10-day volume weighted average or cash, at the company’s election. The share acquisition received the approval of the MO board on 19 December 2022. The company will fund cash element of the share acquisition via existing cash resources in the company, augmented by the proceeds of the fund raise announced on 15 December 2022.