Critical Metals commences copper production at its Molulu project

The mine will initially run on a single-shift basis and is estimated to produce approximately 10 000 t of copper oxide ore per month on a steady-state production rate. The copper ore produced in January 2023 will be stockpiled for sale into the market in February 2023.

All copper material extracted from the mine will be sent to local processing plants, of which there are four in the Likasi and Lubumbashi areas expressing interest in purchasing Molulu copper ore.

In addition, the company’s engineers, geologists, and advising consultants are discussing various strategies to optimise and increase monthly copper ore production. Further information on this will be released when appropriate.

As previously mentioned, the Central Cobalt Anomaly and South Cobalt Anomaly have recently had test samples taken by the company’s lead geologist; as of date of this announcement, 180 samples have been taken. These samples will be sent to a local laboratory for independent analysis.

In order to increase the penetration of the Critical Metals story to the global market and investors, two London based mining analysts will accompany the Board of Critical Metals on a Molulu site visit in the middle of February. The purpose of the visit is to provide greater understanding of the copper oxide and sulfide production, cobalt potential, and cash flow characteristics of Molulu to the global investing market.

With much of the infrastructure now in place, the company has assembled a strong team of mining professionals onsite including, a project manager, four geologists, two mine engineers, as well as the recently appointed mine manager and a compliment of local village support staff. The company is now perfectly positioned to take advantage of the strongly recovering copper price that is well above US$9000/t.

Russell Fryer, Chief Executive Officer of Critical Metals, commented:

“This is a landmark moment for Critical Metals and all shareholders, I am delighted to be able to announce the start of production at the Molulu project, which was achieved on budget with sales of copper oxide ore expected as early as next month.

“With copper ore production now underway, the company expects to be free-cash flow positive by the end of 1H23, showing the high cash flow generation potential under the current market conditions. We expect further activity at Molulu to increase throughout the next few months, particularly as the rain season closes at the end of March, and we look forward to an expansion in monthly copper ore production.

“In an exciting new chapter in the growth of the company, two London based mining analysts will be visiting Molulu in the middle of February. These analysts are well known and will write research on Critical Metals that will be read by family offices, wealth management firms, and buy-side institutions in Britain, Europe, Africa, Australia, and North America. I am extremely excited to show these analysts all the hard work that has been done at Molulu.

“2022 was a uniquely transformational year for Critical Metal and 2023 already looks to continue this positive trend. I believe that the Molulu project has the potential to become an exceptional producer of cobalt and copper in the DRC and I look forward to updating shareholders on our progress throughout 2023.

“Finally, I wish to personally thank our local DRC partners for their patience and steady support as we embark on this incredibly exciting journey. Our local DRC partners are integral to the success of our journey, and we are thankful for their guidance, knowledge, and partnership.”

Read the article online at: https://www.globalminingreview.com/mining/26012023/critical-metals-commences-copper-production-at-its-molulu-project/