Cradle Resources Ltd (ASX: CXX) has been transformed into an international niobium development company through its ownership of a 50% interest in the Panda Hill Niobium Project in Tanzania, with the rights to acquire the balance. The acquisition makes CXX one of the few niobium developers in the world with the market tightly controlled by three large producers and 90% of the supply coming from Brazil.
Recently Cradle Resources Ltd has executed a binding agreement with Tremont Investments Limited (Tremont) to provide up to US$20 million (A$21.5 million) to earn up to 50% of Panda Hill Niobium Project in Tanzania. Tremont is an African focused mining platform backed by Denham Capital, a leading energy and resources global private equity firm. Pangea Exploration, advisors to Tremont, is based in South Africa and led by Rob Still. It is anticipated that the Definitive Feasibility Study for Panda Hill will be completed upon the expenditure of about US$15 million, with any additional subscription going towards project development.