Globe Metals & Mining Ltd has signed a non-binding memorandum of understanding (MOU) with Myst Trading Pte Ltd for the offtake of high-purity niobium pentoxide and tantalum pentoxide from its Kanyika Project in Malawi. The agreement will initially run for three years from the start of Phase 1 production.
Myst is a Singapore-based company specialising in the global trade of physical metals and concentrates. The Kanyika Project is positioned to become a key supplier of niobium and tantalum, both critical minerals used in high-tech and industrial applications.
The MOU grants Myst the right to purchase 100% (approximately 14 metric tonnes) of the project's expected annual tantalum pentoxide production and a right of first refusal for 25% (approximately 76 metric tonnes) of its niobium pentoxide output.
With this latest MOU, Globe has now secured non-binding offtake agreements covering 57% of its anticipated Phase 1 niobium pentoxide production and the entirety of its tantalum pentoxide output.
“The MOU with Myst confirms our significant progress in finalising offtake agreements for all Phase 1 production at the Kanyika Project. Such agreements are a critical component of the Project’s funding and ultimate development. This is the second non-binding agreement signed by Globe, following our agreement with Affilips N.V on Niobium offtake.
“The Myst MOU gives Globe access to the lucrative Asian markets for Niobium and Tantalum oxides. We look forward to a long relationship with Myst.
“The key non-binding agreements will further support the finalisation of our updated bankable feasibility study and associated funding commitments underway. Globe looks forward to announcing very significant Kanyika Project development milestones in the coming months, which will pave the way for the development of this exciting Project.”
MoU expected to lead to full offtake
The memorandum of understanding (MOU) establishes a framework for Globe and Myst to negotiate a binding offtake agreement, covering:
The right to purchase 100% of the estimated 14 metric tonnes of refined high-purity tantalum pentoxide produced annually during Phase 1 of the project.
A right of first refusal to acquire 25% of the estimated 76 metric tonnes of refined high-purity niobium pentoxide produced annually during Phase 1.
The agreement’s initial three-year term will commence upon first production from Phase 1 of the Kanyika Project. Pricing for the product will be linked to prevailing Asian metals market rates.
Globe and Myst aim to finalise a binding offtake agreement by the second quarter of 2025, with a full offtake agreement anticipated by September 1, 2025.
More about Myst
Established in 2017 as an asset management firm, Myst has since evolved into a physical commodity merchant with a primary focus on the battery materials and base metals supply chains. The company sources, stores, and distributes a wide range of materials, from direct shipping ore to value-added products.
Myst offers offtake and supply solutions with flexible payment, financing, and pricing structures. Leveraging its expertise in derivatives markets, the company provides hedging support and structured pricing solutions to assist clients in managing financial risk. Additional services include tolling arrangements and financial solutions designed to optimise balance sheets, cash flow, and risk exposure.
The company’s trading portfolio spans the entire value chain, covering upstream raw materials and refined products. It deals in lithium, tin, recycled materials, tantalum, niobium, and other critical commodities.