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Centaurus Metals announced on 28 October two binding offtake agreements for its Jaguar nickel project in Brazil, alongside combined strategic equity commitments of US$40 million from Glencore and CNGR. Each new buyer agreement covers at least 100,000 dry metric tonnes of high-grade nickel concentrate over five years.
Together with an existing Glencore contract, the arrangements cover all planned concentrate production during the first five operating years. The company equates that production to approximately 22,500 tonnes of contained nickel annually. Concentrate tonnage and contained metal are different quantities; neither represents current production from a completed Jaguar mine.
Glencore and CNGR will each invest US$20 million at A$0.425 per share. The first tranche is US$12.5 million each, with a second US$7.5 million each subject to shareholder approval and a final investment decision. CNGR’s participation also requires Chinese outbound investment approval. These conditions mean the full commitment should not be described as unrestricted cash already received.
Concentrate pricing references the London Metal Exchange cash settlement nickel price, with variable nickel payability and agreed terms for copper and cobalt by-products. Centaurus said senior debt financing was progressing but remained incomplete. The agreements strengthen commercial coverage and the funding package, while the ultimate development decision and construction execution are still ahead.