|Century has two key strategic partners, Baowu Steel Group and Minmetals, both Chinese state-owned enterprises. Each partner provides financial resources and technical expertise assisting the Company to advance its projects to production.|
|China Baowu Steel Group Corp., Ltd. (“Baowu”), through its subsidiary, holds a 23.5% equity interest in Century and in 2019 was the world’s second largest steel producer and ranked 111th among Fortune’s Global 500 list of companies. Baowu was formed in December 2016 as a result of a merger of Chinese state-owned companies; Baosteel Group Corp., Ltd. and Wuhan Iron and Steel (Group) Corporation (“WISCO”).
WISCO and Century
In 2011, Century and WISCO entered into a Framework Agreement which included WISCO’s equity investment in Century and execution of joint venture agreements for the Attikamagen JV Properties, the Sunny Lake JV Properties and the Duncan Lake Property.
In November 2020, Century purchased from WISCO Canada ADI Resources Development & Investment Ltd (“WISCO ADI”), their joint venture interest in the Attikamagen and Sunny Lake Properties for $1.17 million. Century now owns 100% of both these properties which includes 100% ownership of the Joyce Lake project, the Hayot project, the Full Moon project and the Blackbird project.
|China Minmetals Corp. (“Minmetals”), through its subsidiary, holds 4.7% equity stake in Century and in 2019 was ranked 92nd among Fortune’s Global 500 list of companies. Minmetals is engaged in the production and trading of metals and minerals, including copper, aluminum, tungsten, tin, antimony, lead, zinc, iron and other steel-making related commodities.
The Minmetals-Century Relationship
Century’s strategic partnership with Minmetals was formalized through a Framework agreement entered into on February 21, 2011. The agreement sets out the strategic relationship between the two companies, including Minmetal’s equity investment in Century of approximately 5%.
Additionally, Minmetals committed to a 10% production off-take from Duncan Lake Project.