Subiaco-based midcap Metallium has extended its working relationship with global trading and mining conglomerate Glencore, on the back of a key binding agreement.
Subiaco-based midcap Metallium has extended its working relationship with global trading and mining conglomerate Glencore, on the back of a key binding agreement.
Stemming from a memorandum of understanding signed between both parties in early-October last year, Michael Walshe-led Metallium told the market it had secured an inaugural binding feedstock supply contract with Glencore, who will supply the midcap’s subsidiary, Flash Metals USA, with up to 2400 tonnes per year of e-scrap.
Despite this, shares in Metallium closed trade on Monday down 10 per cent to 96 cents. In contrast, upon announcement of the MOU, shares closed to a then-record price of $1.30.
The company said the binding agreement would provide ‘feedstock certainty during commissioning’ and that it was also continuing to explore an additional, separate, binding offtake deal with Glencore.
“Our first binding supply agreement gives us exactly what every processing technology company needs most: consistent, secure, high-quality feedstock,” Mr Walshe said.
“Glencore’s commitment allows us to commission and scale with confidence, and it’s a strong validation of our FJH technology and US strategy.
“We look forward to building on this relationship as we finalise the complementary binding offtake agreement.”
Metallium said it would now begin logistics and delivery scheduling in relation to both initial commercial-scale processing campaigns and commissioning of its flash joule heating processing lines.
