Globe inks LoI for portion of Kanyika production
Australia-listed Globe Metals and Mining has announced a letter of intent (LoI) with master alloys supplier Affilips for up to 32% of the high-purity niobium pentoxide production from Phase 1 of the Kanyika project, in Malawi.
The LoI provides a framework for Globe and Affilips to negotiate a binding offtake agreement for about 100 t out of the 313 t of total Phase 1 production.
“This letter of intent with Affilips clearly demonstrates that Globe is making good progress in its stated intention to soon have offtake agreements in place for Phase 1 production at the Kanyika project. Such agreements are a critical component of the project’s development and the subsequent generation of sustainable cash flows.
“In the meantime, our efforts to put long-term offtake relationships like that forming with Affilips will be incorporated into the bankable feasibility study update, which is now materially progressed,” said CEO Paul Smith.
He added that the partnership with Affilips was expected to give Globe an entrée to the lucrative European market, where niobium is in demand by a host of specialised industrial companies.
Globe and Affilips will work towards executing a binding offtake agreement by the second quarter of the 2025 calendar year, with a full offtake agreement expected by September 1.
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