Business
Update re Acquisition of DRC Copper/Cobalt Project
Update re Acquisition of DRC Copper/Cobalt Project.
About this update from Critical Metals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9439F\n Critical Metals PLC\n 24 March 2022\n \n \n \n \n \n \n \n \n \n \n Critical Metals plc / EPIC: CRTM / Market: Main Market / Sector: Closed End Investments\n \n \n \n \n 24 March 2022\n Critical Metals plc\n (\"Critical Metals\" or the \"Company\")\n \n Update re Proposed Acquisition of DRC Copper/Cobalt Project\n \n \n \n \n Critical Metals plc, a mining investment company established \n to acquire mining opportunities in the critical and strategic metals sector\n , is pleased to provide an update on its proposed acquisition of a majority interest in the copper/cobalt project located within \n Small Scale Mining License PEPM 14784 (the \"Mining Licence\") in the Democratic Republic of Congo\n (the \"Molulu Project\") announced on 20 May 2021 (the \"Proposed Acquisition\").\n \n \n \n \n \n Further to the Company's announcements of 23 December 2021 and 9 March 2022, in which it was noted that the original transaction structure was under renegotiation in relation to the temporary ban on the issuance and transfer of mining licence permits in the Democratic Republic of Congo. The structure for the Proposed Acquisition has now been agreed so as to avoid the need for a transfer of the underlying Mining Licence. \n \n \n \n \n \n The structure for the Proposed Acquisition, as summarised below, has been agreed with the existing owners of Amani Mining Katanga SA (\"AMK\"), Madini Occidental Ltd Mauritius (\"Madini Occidental\"), and the Company, and the relevant parties have updated the existing transaction documents (the \"Updated Terms\") to reflect this new structure.\n \n \n \n \n \n Pursuant to the Updated Terms, Critical Metals will acquire a majority controlling 57 per cent equity interest in Madini Occidental by way of a subscription for new ordinary shares in Madini Occidental, contemporaneously with Madini Occidental, via its DRC subsidiary Madini Occidental RDC SA, subscribing for a 70 per cent interest in Amani Minerals Katanga SA, the sole current holder of the Mining Licence. \n \n \n \n \n \n As a result, on completion of the Proposed Acquisition (\"Completion\"), Critical Metals will hold a controlling interest in the Mining Licence via its majority interest in Madini Occidental, which in turn, will hold a controlling interest in...