Critical Metals PLC - Africa-focused natural resources investor - Confirms intentions to continue with proposed acquisition of a majority interest in the copper/cobalt project located within Small Scale Mining License PEPM 14784 in the Democratic Republic of Congo despite ongoing delays.
"The acquisition still represents an excellent opportunity to acquire a controlling interest in a highly prospective copper-cobalt project which has previously been in production and can be quickly brought back into operation to generate near-term free cashflow," company says.
Aware shareholders are "anxious" for deal to complete and notes all government taxes on the license have been paid and recent mining governance rulings have been taken into consideration in relation to the proposed acquisition.
Expects deal to be completed in first quarter of 2022. Continues to assess further potential acquisition opportunities in the copper-cobalt, tantalum-tin, vanadium-titanium, and tantalum-niobium sectors in line with its stated strategy.
Current stock price: 18.75 pence
Year-to-date change: up sharply from 5.63p
By Paul McGowan; paulmcgowan@alliancenews.com
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Critical Metals (CRTM)