Canada-based Tantalex Lithium Resources Corporation has received and executed a term sheet from diversified miner Glencore International for a marketing offtake agreement involving lithium produced from Tantalex’s Manono lithium tailings project, in the Democratic Republic of Congo (DRC). Glencore will pay a first tranche of $2-million to Tantalex upon execution of a marketing offtake agreement, followed by a second tranche of $3-million upon Glencore’s satisfactory review of a preliminary economic assessment (PEA) on the project.
Canada-based Tantalex Lithium Resources Corporation has received and executed a term sheet from diversified miner Glencore International for a marketing offtake agreement involving lithium produced from Tantalex’s Manono lithium tailings project, in the Democratic Republic of Congo .
Glencore will pay a first tranche of $2-million to Tantalex upon execution of a marketing offtake agreement, followed by a second tranche of $3-million upon Glencore’s satisfactory review of a preliminary economic assessment on the project.A third tranche of financing, equating to a third of the total capital required for the Manono project, will also be provided.
The capital expenditure financing commitment, in particular, is a significant milestone in derisking the Manono project and getting Tantalex closer to being the first lithium producer in the DRC, Allard adds. The Manono project has a measured and indicated mineral resource of 5.4-million tonnes grading 0.72% lithium oxide.
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