M Critical Minerals has acquired two copper projects from Rio Tinto, located in Queensland’s North West Minerals Province.
The Mittigudi project straddles the Mt Gordon Fault Zone and lies along strike of the Capricorn copper mine, Mount Oxide copper project and also the “Big One” copper mine licence application.
“Acquisition of two, highly prospective copper projects is part of M Critical Minerals’ plan for growth,” M Critical Minerals co-founder Matt Latimore said. “The company is building a strong stable of projects across copper, vanadium and graphite for exploration, development and production,”
The Leichhardt project, located to the east, covers two tenements with anomalies consistent with IOCG (iron oxide copper-gold) prospects supported by historic copper occurrences.
“As energy transition and electrification continue at pace around the world, demand for copper is increasing,” M Critical Minerals co-founder and managing director Gerhard Redelinghuys said.
“Demand for copper is outstripping supply at present, resulting in historically high prices, while analysts project annual copper production shortfalls of 10 million tonnes by 2040. M Critical Minerals is acquiring, exploring and developing today to meet this demand.”
M Critical Minerals said it remains at the forefront of exploration of critical minerals projects in Queensland. With its existing tenements, these new acquisitions and applications, the company now holds rights over thousands of square kilometres of prospective critical minerals opportunities.
The company is working to help supply the world with the copper and other critical minerals it needs for sustainable electrification, expanding power usage due to AI adoption and a range of civilian and defence uses.