Centaurus Metals has signed two binding offtake agreements for its Jaguar nickel project in Brazil, one with Glencore AG and one with a subsidiary of CNGR Advanced Material, each covering a minimum of 20,000 dry metric tonnes a year of concentrate grading about 30 percent nickel for five years from the first half of 2029. Combined with Glencore’s March 2026 agreement for another 20,000 tonnes a year, the contracts take contracted volumes to 100 percent of forecast concentrate production over Jaguar’s first five years, containing about 22,500 tonnes of nickel a year, with excess production allocated between the two buyers in alternating parcels. Centaurus estimates the combined net sales value of the two new contracts at about US$900 million at current prices.
Pricing references the London Metal Exchange cash settlement nickel price with variable nickel payability and fixed payabilities for copper and cobalt byproducts, so the US$900 million figure moves with the nickel market rather than being locked in. Each buyer can terminate if its first concentrate shipment has not occurred by the end of 2029.
The equity leg is the validation signal. Glencore and CNGR have each agreed to invest US$20 million in Centaurus at A$0.425 a share, a 5 percent premium to the 20 day volume weighted average price. The placement runs in two tranches: an initial US$12.5 million from each investor, with CNGR’s portion subject to Chinese regulatory approval, and a second US$7.5 million each subject to shareholder approval and a final investment decision by January 31, 2027. Managing director Darren Gordon called the agreements a major validation of Jaguar, noting Glencore’s longstanding position in the global nickel sector.
Jaguar remains a development project, not a mine. The offtake and equity package is designed to support the senior debt negotiations now underway and sits alongside a non binding US$190 million debt letter of intent from Brazil’s BNDES reported in coverage of the deal. The conditions still to clear, Chinese approval for CNGR’s tranche, shareholder approval, and the FID itself by the end of January 2027, are the milestones that decide whether contracted output becomes financed construction.