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Critical Mineral Resources PLC (CMR), a UK-based company focused on the exploration and development of critical mineral resources, has signed its first offtake contract in Morocco to purchase high-grade antimony ore from a small-scale operator, Proactive Investors reported on Tuesday.
Through this agreement, the company will acquire all crude ore mined at this Moroccan source, a semi-massive stibnite (antimony sulfide, Sb₂S₃) product.
CMR noted that the price of antimony metal has significantly spiked recently due to a supply shortage, primarily caused by «export restrictions from China, where 48% of global stibnite ores and concentrates originate», the company stated.
This agreement in Morocco will allow CMR to generate cash flow while pursuing development projects in the country, the report added.
«Not only will the commodities trading generate cash for the business, but it will also add to our already excellent deal flow», said Charlie Long, Chief Executive. «We anticipate entering into more trading agreements over the coming weeks», he added.
