Business
Acquisition of 100% of Madini Occidental Ltd
Acquisition of 100% of Madini Occidental Ltd.
About this update from Critical Metals Plc
[{"type":"text","content":"\n \n \n \n This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).\n \n \n \n \n \n \n Critical Metals plc / EPIC: CRTM / Market: Main Market\n \n \n \n \n \n \n \n \n \n \n \n 19 December 2022\n \n \n \n \n \n \n Critical Metals plc\n \n \n \n \n \n \n \n (\"Critical Metals\" or the \"Company\") \n \n \n \n \n \n \n Acquisition of 100% of Madini Occidental Ltd\n \n \n \n \n \n \n \n \n \n Critical Metals Increases its Stake in the Molulu Copper Cobalt Mine to 70%\n \n \n \n \n \n \n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n \n ·\n Critical Metals acquires remaining 21.5% of Madini Occidental Ltd taking its holding to 100%\n \n \n ·\n Critical Metals to become 70% owner of the Molulu Project, ex-producing copper/cobalt mine in the DRC, following theacquisition of the remaining 21.5% of Madini Occidental Ltd\n \n \n ·\n Acquisition of the Molulu Project funded by recent new funds raised\n \n \n ·\n Highly earning accretive with production at Molulu Project, on target to re-start by the end of 2022\n \n \n \n \n \n \n \n \n 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%.\n \n \n \n \n \n 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 (\"Share Acquisition\"). This increases the beneficial ownership and voting control of Cri...