Critical Metals PLC (LSE:CRTM) told investors the proposed acquisition of the Molulu copper/cobalt mine project, in the Democratic Republic of Congo, can complete in the first quarter of 2022.
In a stock market statement, it said that the board has been progressing requisite due diligence, corporate structuring, and preparation of the documentation associated with the proposed acquisition and reverse takeover process.
Despite the delays, the company said the deal “still represents an excellent opportunity”.
“The board understands that shareholders are anxious for the proposed acquisition to complete and for the ordinary shares of the enlarged group (inclusive of new ordinary shares to be issued for funding requirements) to be readmitted to trading, and continues to work hard towards completing this objective whilst ensuring the company is a responsible corporate citizen that upholds the highest ESG standards as a guest in the DRC,” the company said.
“The board expects that the proposed acquisition can be completed in Q1 2022, setting up the company to make significant operational progress within 2022.”
In the statement, the company noted the underlying changes in the DRC, which included a government review into mining and its mining code, and governance rules. It added confirmation the PEPM 14784 mining license, which hosts Molulu, is current and not under threat of removal due to the new mining audit decree, and all government taxes on the license have been paid.
Additionally, Critical Metals said it 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.
www.ferroalloynet.com
