Shares in Strategic Minerals have seen a rise following the announcement of a preliminary agreement with Oxford Sigma regarding the supply and development of tungsten to the fusion industry.
At 0735 GMT, shares were up 0.03 pence or 23%, reaching 0.15 pence.
Strategic Minerals, a London-listed mineral company, revealed that its subsidiary, Cornwall Resources, has signed an initial five-year memorandum of understanding with Oxford Sigma. This agreement outlines the collaboration between the two parties in exploring, promoting, and securing critical-mineral supply pathways for tungsten.
Cornwall Resources was particularly encouraged by the projections of future tungsten requirements from the fusion industry. It is estimated that each potential reactor would need between 100 to 5,000 metric tons of tungsten, depending on the design. Additionally, there is a regular timeline for renewing tungsten components, which further strengthens the potential demand.
“By collaborating with Cornwall Resources, Oxford Sigma continues to grow a network of world-class projects, in safe jurisdictions, aiming to establish the supply of tungsten, ensuring a secure sustainable tungsten supply for the world’s fusion reactors of the future,” stated Strategic Minerals.