Critical Metals now increases its stake in the Molulu copper-cobalt mine to 70%
The British mining company Critical Metals formalized on Monday December 19 the takeover of Madini Occidental Ltd, a shareholder company in the Molulu copper-cobalt mine. That 100% stake now gives Critical a 70% stake in Molulu, up from 55% previously, agencyecofin.net reports.
“We are absolutely delighted that Madini Minerals has accepted our offer to acquire the remaining 21.5% of Madini Occidental Ltd […]. This new ownership structure will significantly increase shareholder value as demand for copper and cobalt continues to increase,” said Critical Metals CEO Russell Fryer.
By the end of 2022, the company is preparing to restart copper and cobalt production in Molulu, a mine that has remained under maintenance and upkeep for several years.
