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Glencore Increases Investment in Stillwater Critical Minerals

#Glencore #StillwaterCriticalMinerals #Nickel #Mining #Copper #Cobalt #PlatinumGroupElements #CriticalMinerals

Glencore’s Canadian subsidiary has recently increased its stake in Stillwater Critical Minerals (TSXV: PGE), spotlighting the flourishing interest in the Montana-based Stillwater West project. This project, characterised by its potential for nickel, copper, cobalt, platinum group elements (PGEs), and gold, has emerged as the most significant nickel resource within an actively mined U.S. district, showcasing the strategic importance of domestically sourced critical minerals.

In a detailed technical report released in January 2023, Stillwater Critical Minerals delineated a substantial resource estimate. The project is believed to contain around 1.6 billion pounds of a combined resource of nickel, copper, and cobalt. Additionally, the report accounted for approximately 3.8 million ounces of palladium, platinum, rhodium, and gold within 255 million tonnes of material, averaging a grade of 0.39% nickel equivalent or 1.19 grams per tonne palladium equivalent. Furthermore, this estimate marks a 62% increase in tonnage from the project’s initial assessment. Significantly, the resource spans across five deposits within a central area of the property, each demonstrating potential for expansion both along strike and at depth.

The Stillwater mining district, known for its rich deposits of PGEs, nickel, and copper, among other minerals, adds historical significance to this project. Given the proximity to the high-grade PGE mines operated by Sibanye-Stillwater, the area has a proven track record of valuable mineral production.

With this additional investment of C$2.1 million from Glencore, Stillwater Critical Minerals plans to further develop the Stillwater West project. The company aims to harness its potential as a significant source of critical minerals, reaffirming the importance of sustainable and domestically sourced materials in the U.S. Supply chain. This financial backing underscores Glencore’s confidence in the project’s capacity to yield several critical metals, playing a vital role in the green energy transition and the broader commodities market.

To date, Stillwater Critical Minerals has successfully secured C$2.5 million through a unit-based private placement, with Glencore’s contribution representing the bulk of this financing. This partnership not only accelerates the project’s development but also solidifies Stillwater Critical Minerals’ position within the mining sector, as reflected in the modest appreciation of the company’s stock following the announcement.

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