UK Critical Metals PLC Ups Stake in DRC Mine

On 19 December 2022, UK Critical Metals PLC announced that it has purchased the remaining 21.5% shares held by Mandini Occidental to become the sole owner.

The transaction gives Critical Metals PLC a 70% stake in Molulu mine. The Molulu mine is located in the DR Congo and possesses minerals rich in copper and cobalt, which are crucial for #EV.

The mine was in a more or less dormant state undergoing intermittent artisanal exploitation over several decades until negotiations between Critical Metals PLC and Madini Occidental resulted in the transfer of shares.

To operate the mine, Critical Metals PLC CEO Russell Fryer indicated that his firm hired Lloyd Kirtley to head operations at Molulu mine. Mr Lloyd Kirtley is a geologist by training and has over 40 years of experience in exploration and exploitation of mines.

“His experience working on the ground in many countries across Africa will be invaluable in enabling us to quickly bring this former copper/cobalt asset, located in a highly prospective region, into production in the fourth quarter of 2022 .”

Russell Fryer, CEO of Critical Metals

With the deal under the belt and the right people in place, Critical Metals PLC is confident that industrial extraction at Molulu will start shortly and might occur as soon as the beginning of 2023.