Critical Metals (LON:CRTM), the developer and operator of the Molulu Copper/Cobalt Project ("Molulu") in the Democratic Republic of Congo ("DRC"), has raised £1.6m through an oversubscribed private placement of convertible loan notes to existing shareholders and new investors to bring Molulu back into copper production.
CRTM is now in discussions to rent/purchase a DRC ore processing plant to increase profitability. This involves potential US Government backing.
In this interview, investors will hear:
- How the new funds raised will be deployed
- How the 2,000m drilling programme drives value in the company
- When the JORC Copper/Cobalt Resource Report is expected
- Why the plan is to buy/rent a processing plant within DRC
- Why DRC is a safer, better mining jurisdiction than people assume
- Why the company plan to list on the OTCQB in the US
“We've had seven different buyers want our ore. We had an offtake agreement with OEM Metals and they're looking to reserve purchases of our ore that's sitting on the pad now, once the road gets rehabilitated. We will restart production at about 5 ,000 tonnes a month, then do 7 ,500 and then get to 10 ,000 in month three or so. And with the copper price sitting at $9,200/$9,300, our margins have actually expanded and we'll actually receive 20% to 25 % more because of the copper price increase over the last month” said Russell Fryer, CEO, Critical Minerals.
Reasons to Add Critical Metals to your Watchlist:
1) £1.6M raised to fund the Molulu copper/cobalt mine back in production
2) Drilling programme to establish a JORC Resource fully funded and underway
3) 10,000 tonnes per month copper ore target set
4) Higher copper price (currently $9,200 per tonne) will boost profit margins
5) Plans underway for a US listing on the OTCQB, broadening the shareholder base
Russell Fryer, CEO, Critical Minerals was interviewed by Donald Leggatt, IR Media Director at focusIR.
Critical Metal (CRTM)