Glencore and CNGR secure five-year nickel output from Jaguar project

Glencore and the Chinese firm CNGR have signed binding offtake agreements to purchase the entire projected nickel concentrate production from the Jaguar project in Pará, Brazil, during its first five years of operation.

The project, owned by Centaurus Metals, is expected to begin production in the first half of 2029. Under the terms of the agreements, both Glencore and CNGR will each purchase a minimum of 100,000 dry metric tonnes of high-grade concentrate over the five-year period, averaging 20,000 tonnes annually per company. These new contracts supplement a previous agreement with Glencore, effectively securing 100% of the mine's initial output.

In addition to the offtake deals, Glencore and CNGR have committed a combined US$40 million in strategic equity investments into Centaurus Metals. These funds are intended to support the overall project funding package as the company advances negotiations for senior debt. At current market prices, the combined sales value of the offtake agreements is estimated at approximately US$900 million over the five-year term.