{
 "name": "DFI Offtake & Market-Risk Screen",
 "scope_note": "Per-asset offtake and market-risk screen over the 13-asset COI-clean DFI financeability pipeline — the repayment-source diligence a DFI runs. Key distinction: GOLD assets (9 of 13) sell into a deep liquid spot market, so there is no offtake-counterparty risk and the repayment exposure is simply the gold price — a STRENGTH on counterparty risk (the market risk for gold is unhedged price exposure, sized in the debt-sizing layer). The differentiated cases are the specialty/strategic commodities: Colluli (binding EuroChem take-or-pay, but Danakali-era), Ewoyaa (~50% strategic-partner offtake, counterparty to reconcile), Kurmuk (Wheaton gold stream — senior on its gold share), Ngualla (Shenghe route-to-market), Kabanga (in-country refining, no binding offtake sourced). Each cell is Sourced / Derived / Absent / N/A (offtake-counterparty fields are N/A for liquid-spot gold).",
 "feed_version": "v2.57.0",
 "as_of": "2026-06-29",
 "standard_spine": "Repayment-source / offtake-counterparty diligence · take-or-pay vs spot · stream seniority",
 "three_state": "Sourced (named disclosure) · Derived (inferred / desk-level, method named) · Absent (named, never filled) · N/A (axis does not apply)",
 "counterparty_disclosure": "Afrimintel has no commercial relationship with any operator, financier, DFI or ECA named on this page. This screen is self-produced from public primary and authoritative secondary sources and Afrimintel's published data layer; no party named has reviewed, endorsed, or been informed of it.",
 "coi_screen": "COI-clean pipeline: no DRC, Rwanda or Great Lakes asset. Data-layer screen only — no editorial opinion on any operator, financier or jurisdiction.",
 "counts": {
  "total": 59,
  "liquid_spot_gold": 21,
  "binding_offtake_or_stream": 15,
  "counterparty_to_reconcile": 2
 },
 "assets": [
  {
   "id": "colluli-potash",
   "name": "Colluli (SOP potash)",
   "country": "Eritrea",
   "operator": "CMSC — SRBG 50% / ENAMCO 50%",
   "commodity_market": {
    "value": "Sulphate of potash — specialty fertiliser at a premium to MOP; thinner, relationship-driven market",
    "state": "Sourced",
    "source": "Danakali / industry"
   },
   "offtake_structure": {
    "value": "Binding take-or-pay offtake for up to 100% of Module I SOP — strong repayment-source structure",
    "state": "Sourced",
    "source": "Danakali / AidData (EuroChem agreement, Jun 2018)",
    "note": "Signed under prior owner Danakali (exited to SRBG 2023); validity under current ownership not re-confirmed."
   },
   "counterparty": {
    "value": "EuroChem Trading GmbH",
    "state": "Sourced",
    "source": "Danakali, Jun 2018",
    "note": "Counterparty relationship dates to the Danakali era; SRBG-era status unconfirmed."
   },
   "pct_committed": {
    "value": "Up to 100% of Module I",
    "state": "Sourced",
    "source": "Danakali, Jun 2018"
   },
   "screen": "Strong binding take-or-pay (EuroChem, up to 100% Module I) — but Danakali-era; revalidate under SRBG"
  },
  {
   "id": "ewoyaa",
   "name": "Ewoyaa (lithium)",
   "country": "Ghana",
   "operator": "Atlantic Lithium (MIIF state equity)",
   "commodity_market": {
    "value": "Spodumene lithium — volatile price cycle (lithium drawdown since 2023); demand-strong but price-soft market",
    "state": "Derived",
    "source": "general lithium-market context (price drawdown since 2023)",
    "note": "Commodity classification is factual; the price-cycle characterisation is general-market context, not an operator statement."
   },
   "offtake_structure": {
    "value": "Offtake for ~50% of production tied to the strategic partner; remainder open",
    "state": "Derived",
    "source": "Piedmont/strategic-partner disclosure",
    "note": "Funder/offtake identity is cross-feed-inconsistent (financeability: Huayou; safeguards: strategic-partner) — RECONCILE the current offtaker."
   },
   "counterparty": {
    "value": "Strategic partner (Piedmont historically; current identity to reconcile)",
    "state": "Derived",
    "note": "Do not assert which entity holds the offtake until reconciled."
   },
   "pct_committed": {
    "value": "~50% of production (per the strategic-partner agreement)",
    "state": "Derived",
    "source": "strategic-partner disclosure"
   },
   "screen": "~50% offtake to the strategic partner, ~50% open — RECONCILE counterparty; lithium-price-soft market"
  },
  {
   "id": "kurmuk",
   "name": "Kurmuk",
   "country": "Ethiopia",
   "operator": "Allied Gold (KGM ~70%)",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "Wheaton Precious Metals US$175m gold STREAM — a contractual PRIOR CLAIM on a defined share of gold production (delivered at a reduced fixed price over LoM); not senior debt, but it reduces the gold available to service lenders",
    "state": "Sourced",
    "source": "Allied / Wheaton, 5 Dec 2024",
    "note": "A stream sits ahead of unsecured lenders on its share of gold by contract, but it is a purchase agreement, not ranked debt."
   },
   "counterparty": {
    "value": "Wheaton Precious Metals International",
    "state": "Sourced",
    "source": "Allied / Wheaton, 5 Dec 2024"
   },
   "pct_committed": {
    "value": "A defined stream percentage of gold (not 100%); balance sold at spot",
    "state": "Derived",
    "source": "Wheaton stream terms"
   },
   "screen": "Gold (liquid) + Wheaton US$175m stream — a prior contractual claim on a gold share (not senior debt); balance sold at spot"
  },
  {
   "id": "ngualla-ree",
   "name": "Ngualla (rare earths)",
   "country": "Tanzania",
   "operator": "Mamba / Peak Rare Earths 84% / GoT 16%",
   "commodity_market": {
    "value": "NdPr rare earths — opaque, China-dominated processing/pricing; limited price transparency",
    "state": "Sourced",
    "source": "industry / Peak Rare Earths"
   },
   "offtake_structure": {
    "value": "Offtake / processing relationship implied by Shenghe as strategic shareholder (China's largest REE processor)",
    "state": "Derived",
    "source": "Peak Rare Earths / Shenghe",
    "note": "A specific binding offtake document is not sourced; the Shenghe relationship is the indicative route to market."
   },
   "counterparty": {
    "value": "Shenghe Resources (strategic shareholder)",
    "state": "Derived",
    "source": "Peak Rare Earths"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "REE route-to-market via Shenghe (strategic shareholder); China-dominated pricing — binding offtake not sourced"
  },
  {
   "id": "kabanga-ni",
   "name": "Kabanga Nickel",
   "country": "Tanzania",
   "operator": "Lifezone Metals / Tembo Nickel",
   "commodity_market": {
    "value": "Class-1 nickel — LME-traded; battery-demand-strong but nickel-price-soft cycle",
    "state": "Sourced",
    "source": "industry / Lifezone"
   },
   "offtake_structure": {
    "value": "In-country refining (Lifezone hydromet) targets refined nickel rather than concentrate export; a specific binding offtake is not sourced",
    "state": "Derived",
    "source": "Lifezone disclosure"
   },
   "counterparty": {
    "value": null,
    "state": "Absent"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "Class-1 Ni (LME-liquid) with in-country refining intent — binding offtake not sourced; nickel-price-soft cycle"
  },
  {
   "id": "baomahun",
   "name": "Baomahun",
   "country": "Sierra Leone",
   "operator": "FG Gold (private)",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "None required — gold is sold to liquid markets (no take-or-pay offtake needed)",
    "state": "Sourced",
    "source": "gold market convention"
   },
   "counterparty": {
    "value": null,
    "state": "N/A"
   },
   "pct_committed": {
    "value": null,
    "state": "N/A"
   },
   "screen": "Gold (liquid spot) — no offtake counterparty risk; repayment is full gold-price exposure (sized in debt-sizing, not eliminated)"
  },
  {
   "id": "kone",
   "name": "Kone",
   "country": "Cote d'Ivoire",
   "operator": "Montage Gold",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "None required — gold is sold to liquid markets (no take-or-pay offtake needed)",
    "state": "Sourced",
    "source": "gold market convention"
   },
   "counterparty": {
    "value": null,
    "state": "N/A"
   },
   "pct_committed": {
    "value": null,
    "state": "N/A"
   },
   "screen": "Gold (liquid spot) — no offtake counterparty risk; full gold-price exposure (sized in debt-sizing, not eliminated)"
  },
  {
   "id": "nyanzaga",
   "name": "Nyanzaga",
   "country": "Tanzania",
   "operator": "Perseus Mining 80% / GoT 20%",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "None required — gold is sold to liquid markets (no take-or-pay offtake needed)",
    "state": "Sourced",
    "source": "gold market convention"
   },
   "counterparty": {
    "value": null,
    "state": "N/A"
   },
   "pct_committed": {
    "value": null,
    "state": "N/A"
   },
   "screen": "Gold (liquid spot) — no offtake counterparty risk; full gold-price exposure (sized in debt-sizing, not eliminated)"
  },
  {
   "id": "assafou",
   "name": "Assafou",
   "country": "Cote d'Ivoire",
   "operator": "Endeavour Mining",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "None required — gold is sold to liquid markets (no take-or-pay offtake needed)",
    "state": "Sourced",
    "source": "gold market convention"
   },
   "counterparty": {
    "value": null,
    "state": "N/A"
   },
   "pct_committed": {
    "value": null,
    "state": "N/A"
   },
   "screen": "Gold (liquid spot) — no offtake counterparty risk; full gold-price exposure (sized in debt-sizing, not eliminated)"
  },
  {
   "id": "doropo",
   "name": "Doropo",
   "country": "Cote d'Ivoire",
   "operator": "Resolute Mining",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "None required — gold is sold to liquid markets (no take-or-pay offtake needed)",
    "state": "Sourced",
    "source": "gold market convention"
   },
   "counterparty": {
    "value": null,
    "state": "N/A"
   },
   "pct_committed": {
    "value": null,
    "state": "N/A"
   },
   "screen": "Gold (liquid spot) — no offtake counterparty risk; full gold-price exposure (sized in debt-sizing, not eliminated)"
  },
  {
   "id": "twin-hills",
   "name": "Twin Hills",
   "country": "Namibia",
   "operator": "Shanjin International (acquired Osino)",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "None required — gold is sold to liquid markets (no take-or-pay offtake needed)",
    "state": "Sourced",
    "source": "gold market convention"
   },
   "counterparty": {
    "value": null,
    "state": "N/A"
   },
   "pct_committed": {
    "value": null,
    "state": "N/A"
   },
   "screen": "Gold (liquid spot) — no offtake counterparty risk; full gold-price exposure (sized in debt-sizing, not eliminated)"
  },
  {
   "id": "kokoseb",
   "name": "Kokoseb",
   "country": "Namibia",
   "operator": "Wia Gold 80% / Epangelo 20%",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "None required — gold is sold to liquid markets (no take-or-pay offtake needed)",
    "state": "Sourced",
    "source": "gold market convention"
   },
   "counterparty": {
    "value": null,
    "state": "N/A"
   },
   "pct_committed": {
    "value": null,
    "state": "N/A"
   },
   "screen": "Gold (liquid spot) — no offtake counterparty risk; full gold-price exposure (sized in debt-sizing, not eliminated) (early-stage)"
  },
  {
   "id": "kalana",
   "name": "Kalana",
   "country": "Mali",
   "operator": "Endeavour Mining (SOMIKA 80% / Mali 20%)",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but the market risk is unhedged gold-PRICE exposure, which is sized in the debt-sizing / DSCR layer, not eliminated",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "None required — gold is sold to liquid markets (no take-or-pay offtake needed)",
    "state": "Sourced",
    "source": "gold market convention"
   },
   "counterparty": {
    "value": null,
    "state": "N/A"
   },
   "pct_committed": {
    "value": null,
    "state": "N/A"
   },
   "screen": "Gold (liquid spot) — no offtake counterparty risk; full gold-price exposure (sized in debt-sizing, not eliminated) (project stalled)"
  },
  {
   "id": "kasiya",
   "name": "Kasiya (rutile-graphite)",
   "country": "Malawi",
   "operator": "Sovereign Metals (Rio Tinto 19.9%)",
   "commodity_market": {
    "value": "Natural rutile (structural Ti-feedstock deficit) + flake graphite (battery anode; China-dominated processing) — two distinct critical-mineral markets",
    "state": "Sourced",
    "source": "Sovereign / Crux"
   },
   "offtake_structure": {
    "value": "Offtake discussions ongoing; Toho Titanium validated rutile quality (Jun 2025) but no binding offtake signed",
    "state": "Derived",
    "source": "Sovereign 2025 Annual Report",
    "note": "No binding offtake yet — a real commercial gap pre-FID."
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "In discussion; Toho Titanium has validated quality but is not a contracted offtaker."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding offtake yet — quality validated (Toho Titanium); offtake + financing in discussion"
  },
  {
   "id": "etango",
   "name": "Etango (uranium)",
   "country": "Namibia",
   "operator": "Bannerman Energy / CNNC (CNOL) JV",
   "commodity_market": {
    "value": "Uranium — recovering price amid supply deficit; sells East or West; +28% demand 2023-2030 (WNA)",
    "state": "Sourced",
    "source": "Oregon Group / WNA"
   },
   "offtake_structure": {
    "value": "Binding — CNOL (CNNC) purchases 60% of production; Bannerman markets 40%; plus select North-American utility offtakes (base-price + US-GDP-deflator escalation)",
    "state": "Sourced",
    "source": "Africa Outlook 2026 / Extractor Sep 2025"
   },
   "counterparty": {
    "value": "CNNC via CNOL (60%) + select North-American utilities",
    "state": "Sourced",
    "source": "Africa Outlook / Extractor"
   },
   "pct_committed": {
    "value": "~60% to CNOL + select utility volumes; ~40% Bannerman-marketed",
    "state": "Sourced",
    "source": "Africa Outlook 2026"
   },
   "screen": "Strong binding offtake (CNOL 60% + utility contracts) — well-covered repayment; CNOL counterparty is a Chinese SOE"
  },
  {
   "id": "mahenge",
   "name": "Mahenge (graphite)",
   "country": "Tanzania",
   "operator": "Black Rock Mining 84% / GoT 16%",
   "commodity_market": {
    "value": "Natural flake graphite (battery anode) — emerging deficit; China refines >90% of battery-grade material",
    "state": "Sourced",
    "source": "Stockhead / Mining Review"
   },
   "offtake_structure": {
    "value": "Binding — POSCO 30ktpa Module-1 fines (LOM) + 100% of Module-2 fines; ~95% of Module-1 volume contracted across offtakers",
    "state": "Sourced",
    "source": "Black Rock / Faru / Stockhead"
   },
   "counterparty": {
    "value": "POSCO International (Korea) lead; plus two Chinese counterparties and large-flake customers",
    "state": "Sourced",
    "source": "Stockhead"
   },
   "pct_committed": {
    "value": "~95% of Module 1 contracted",
    "state": "Sourced",
    "source": "Stockhead"
   },
   "screen": "Strong binding offtake (POSCO + others, ~95% of Module 1) — de-risked repayment; POSCO also largest shareholder"
  },
  {
   "id": "songwe-hill",
   "name": "Songwe Hill (rare earths)",
   "country": "Malawi",
   "operator": "Mkango Resources (GoM 10%)",
   "commodity_market": {
    "value": "NdPr rare earths — China-dominated processing; strong magnet-demand outlook, opaque pricing",
    "state": "Sourced",
    "source": "Mkango / Adamas"
   },
   "offtake_structure": {
    "value": "Vertically integrated — MREC feeds Mkango's own planned Pulawy separation plant (Poland); not a third-party binding offtake",
    "state": "Sourced",
    "source": "Mkango DFS",
    "note": "Integrated route-to-market via own Pulawy plant, contingent on Pulawy being built/financed."
   },
   "counterparty": {
    "value": "Pulawy separation plant (Mkango / Grupa Azoty collaboration) — captive/integrated",
    "state": "Derived",
    "source": "Mkango"
   },
   "pct_committed": {
    "value": "Songwe MREC slated as ~45% of Pulawy feed in its first five years",
    "state": "Derived",
    "source": "Mkango DFS"
   },
   "screen": "Vertically integrated to own Pulawy plant (Poland) — integrated EU route-to-market, not a third-party binding offtake"
  },
  {
   "id": "tumas",
   "name": "Tumas (uranium)",
   "country": "Namibia",
   "operator": "Deep Yellow (Oponona 5% post-FID)",
   "commodity_market": {
    "value": "Uranium — long-term contract market described by the operator as 'broken'; price-recovery-dependent",
    "state": "Sourced",
    "source": "Mining.com Apr 2025"
   },
   "offtake_structure": {
    "value": "None yet — securing long-term offtake contracts is an explicit stated FID pre-condition",
    "state": "Sourced",
    "source": "Mining-technology / WNN"
   },
   "counterparty": {
    "value": null,
    "state": "Absent"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No offtake yet — long-term offtake is a stated FID prerequisite; uranium-price-gated"
  },
  {
   "id": "kangankunde",
   "name": "Kangankunde (rare earths)",
   "country": "Malawi",
   "operator": "Lindian Resources (RVR 67%->100%)",
   "commodity_market": {
    "value": "NdPr monazite concentrate — magnet REE; China-dominated processing; 2025 price softening",
    "state": "Sourced",
    "source": "Discovery Alert / Lindian"
   },
   "offtake_structure": {
    "value": "Binding — Iluka Resources 15-year offtake (90,000t / ~6,000tpa to Eneabba refinery, WA) WITH a floor price above production cost; plus Gerald Metals 45,000t/60-month contract",
    "state": "Sourced",
    "source": "Rare Earth Exchanges / mining-technology"
   },
   "counterparty": {
    "value": "Iluka Resources (ASX; Eneabba refinery, Australia) + Gerald Metals (Gerald Group)",
    "state": "Sourced",
    "source": "mining-technology"
   },
   "pct_committed": {
    "value": "Iluka 90,000t over 15 years + Gerald 45,000t over 60 months",
    "state": "Sourced",
    "source": "mining-technology"
   },
   "screen": "Strong binding offtake (Iluka 15-yr WITH floor price + Gerald Metals) — de-risked, downside-protected repayment"
  },
  {
   "id": "makuutu",
   "name": "Makuutu (heavy rare earths)",
   "country": "Uganda",
   "operator": "Ionic Rare Earths / RRM (~6% local)",
   "commodity_market": {
    "value": "Heavy REE (Dy/Tb) + scandium — scarce non-China supply; China's 2025 export controls tighten access (demand-supportive)",
    "state": "Sourced",
    "source": "rare-earth-mining.com"
   },
   "offtake_structure": {
    "value": "None binding yet — demo-plant MREC samples supporting offtake discussions with MSP members; no product committed to China",
    "state": "Sourced",
    "source": "rare-earth-mining.com",
    "note": "Offtake is an FID pre-condition; not yet signed."
   },
   "counterparty": {
    "value": null,
    "state": "Absent"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding offtake yet — MREC samples in offtake discussions (MSP); scarce-HREE demand pull is the strength"
  },
  {
   "id": "kobada",
   "name": "Kobada (gold)",
   "country": "Mali",
   "operator": "Toubani Resources ~90% / Mali 10%",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot via refiners. No offtake-counterparty risk, but unhedged gold-PRICE exposure is the market risk, sized in debt-sizing",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "Gold sold at spot; PLUS an EEA gold STREAM over 11.1% of production at 20% of spot — a contractual prior claim on that share of gold (not senior debt)",
    "state": "Sourced",
    "source": "Mining Weekly Oct 2025"
   },
   "counterparty": {
    "value": "Eagle Eye Asset Holdings (EEA) — for the gold stream (also ~35% shareholder)",
    "state": "Sourced",
    "source": "Mining Weekly"
   },
   "pct_committed": {
    "value": "EEA stream over 11.1% of gold production; balance sold at spot",
    "state": "Sourced",
    "source": "Mining Weekly"
   },
   "screen": "Gold (liquid spot) + EEA stream over 11.1% of production (prior claim, not senior debt); balance at spot"
  },
  {
   "id": "banio",
   "name": "Banio (potash)",
   "country": "Gabon",
   "operator": "Millennial Potash (US DFC-backed)",
   "commodity_market": {
    "value": "Muriate of potash (MOP) — globally traded fertiliser; Atlantic-coast logistics advantage (Mayumba port)",
    "state": "Sourced",
    "source": "Millennial"
   },
   "offtake_structure": {
    "value": "None yet — high-purity-salt and MOP marketing studies underway within the DFS",
    "state": "Sourced",
    "source": "Millennial Jan 2026"
   },
   "counterparty": {
    "value": null,
    "state": "Absent"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No offtake yet — MOP marketing studies within the in-progress DFS; potash is a traded commodity"
  },
  {
   "id": "epanko",
   "name": "Epanko (graphite)",
   "country": "Tanzania",
   "operator": "EcoGraf / TanzGraphite",
   "commodity_market": {
    "value": "Natural flake graphite (battery-anode feedstock) — ex-China supply premium; basket US$1,746/t (real 2025) per BFS",
    "state": "Sourced",
    "source": "EcoGraf BFS / TanzaniaInvest"
   },
   "offtake_structure": {
    "value": "Binding + in-principle offtake covering ~40,000 tpa of 73,000 tpa (~55%); incl. ThyssenKrupp Metallurgical Products (Germany); ~20,000 tpa more expected to convert once in production",
    "state": "Sourced",
    "source": "Goldinvest / EcoGraf"
   },
   "counterparty": {
    "value": "ThyssenKrupp Metallurgical Products GmbH (Germany) + existing customer relationships",
    "state": "Sourced",
    "source": "Goldinvest"
   },
   "pct_committed": {
    "value": "~40,000 tpa binding/in-principle of 73,000 tpa (~55%); ~20,000 tpa more to follow",
    "state": "Sourced",
    "source": "EcoGraf BFS"
   },
   "screen": "Strong offtake — ~55% binding/in-principle incl. ThyssenKrupp; ex-China premium; downside-supportive for lenders"
  },
  {
   "id": "dugbe",
   "name": "Dugbe (gold)",
   "country": "Liberia",
   "operator": "Pasofino Gold / HRL (GoL 10% free-carry)",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot. Unhedged gold-PRICE exposure is the market risk",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "Gold sold at spot; no offtake/stream structure noted",
    "state": "Sourced",
    "source": "Pasofino"
   },
   "counterparty": {
    "value": null,
    "state": "Absent"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "Gold (liquid spot) — no counterparty risk; gold-price exposure sized in debt-sizing"
  },
  {
   "id": "sanankoro",
   "name": "Sanankoro (gold)",
   "country": "Mali",
   "operator": "Cora Gold (EEA 29.9%) / Mali 10%",
   "commodity_market": {
    "value": "Gold — deep, liquid global market; sold at spot. Unhedged gold-PRICE exposure is the market risk",
    "state": "Sourced",
    "source": "commodity market structure"
   },
   "offtake_structure": {
    "value": "Gold sold at spot; EEA gold STREAM over 30.44% of production (15.22% if half replaced by debt) at 20% of spot — prior claim, not senior debt",
    "state": "Sourced",
    "source": "Mining-technology / Sharecast"
   },
   "counterparty": {
    "value": "Eagle Eye Asset Holdings (EEA) — gold-stream counterparty (also 29.9% shareholder; also Kobada's funder)",
    "state": "Sourced",
    "source": "Sharecast"
   },
   "pct_committed": {
    "value": "EEA stream over 30.44% of production (or 15.22% if half converted to debt); balance at spot",
    "state": "Sourced",
    "source": "Mining-technology"
   },
   "screen": "Gold (liquid spot) + EEA stream over 30.44% of production (prior claim); balance at spot"
  },
  {
   "id": "chilalo",
   "name": "Chilalo (graphite)",
   "country": "Tanzania",
   "operator": "Evolution Energy Minerals (ARCH cornerstone)",
   "commodity_market": {
    "value": "Natural flake graphite — coarse (expandable/foil) + fine (battery anode); basket ~US$1,614/t; China-concentrated processing",
    "state": "Sourced",
    "source": "Proactive / EV1"
   },
   "offtake_structure": {
    "value": "Binding coarse-flake offtake with YXGC (China) ~30,000 tpa over 3 yrs (~56% of early coarse production); fine flake INTENTIONALLY uncontracted for planned US downstream CSPG",
    "state": "Sourced",
    "source": "Crux Investor / EV1",
    "note": "Binding offtake counterparty is Chinese (YXGC) — note vs ex-China framing."
   },
   "counterparty": {
    "value": "Yichang Xincheng Graphite Co (YXGC), China (coarse flake)",
    "state": "Sourced",
    "source": "Crux Investor / mining-technology"
   },
   "pct_committed": {
    "value": "~30,000 tpa coarse (~56% of early production) bound to YXGC; fine flake (~42%) uncontracted by design",
    "state": "Sourced",
    "source": "Innovation News / EV1"
   },
   "screen": "~56% early coarse production bound (YXGC, China); fine flake reserved for US downstream — binding but Chinese counterparty"
  },
  {
   "id": "mingomba",
   "name": "Mingomba (copper)",
   "country": "Zambia",
   "operator": "KoBold Metals 80% / ZCCM-IH 20%",
   "commodity_market": {
    "value": "Copper concentrate — globally traded; Zambian smelting network (Kansanshi etc.) uneven; impurity penalties possible",
    "state": "Sourced",
    "source": "African Mining Market Apr 2026"
   },
   "offtake_structure": {
    "value": "None yet — domestic-smelter / cross-border / cathode options under consideration; offtake strategy a future de-risking item",
    "state": "Sourced",
    "source": "African Mining Market"
   },
   "counterparty": {
    "value": null,
    "state": "Absent"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No offtake yet (pre-DFS); concentrate route + Zambian smelting capacity is itself a market-risk variable"
  },
  {
   "id": "phalaborwa",
   "name": "Phalaborwa (rare earths)",
   "country": "South Africa",
   "operator": "Rainbow Rare Earths (US-DFC/TechMet-backed)",
   "commodity_market": {
    "value": "Separated NdPr oxide + SEG+ mixed REE (Dy/Tb/Y) — magnet & heavy-REE markets; China-concentrated processing; HREE export-controlled",
    "state": "Sourced",
    "source": "Rainbow / Ecora"
   },
   "offtake_structure": {
    "value": "None binding yet (pre-DFS); economic model to incorporate full REE basket (incl yttrium) at DFS",
    "state": "Sourced",
    "source": "Rainbow / Mining Weekly"
   },
   "counterparty": {
    "value": null,
    "state": "Absent"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No offtake yet (pre-DFS); full-spectrum REE incl HREE gives strong demand-side optionality"
  },
  {
   "id": "kola",
   "name": "Kola (potash)",
   "country": "Republic of Congo",
   "operator": "Kore Potash (97%)",
   "commodity_market": {
    "value": "Muriate of Potash (MoP) — globally traded fertiliser; coastal (35km) with own jetty; low-cost-producer potential (mine-gate ~US$74.94/t)",
    "state": "Sourced",
    "source": "Kore Optimised DFS / bitget"
   },
   "offtake_structure": {
    "value": "None binding cited; 2.2 Mtpa MoP for global fertiliser markets",
    "state": "Sourced",
    "source": "Kore"
   },
   "counterparty": {
    "value": null,
    "state": "Absent"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding offtake cited; MoP is a liquid traded fertiliser; low-cost + coastal logistics are the strengths"
  },
  {
   "id": "waterberg",
   "name": "Waterberg (PGM)",
   "country": "South Africa",
   "operator": "Platinum Group Metals Ltd / Implats / HJ / Mnombo(BEE)",
   "commodity_market": {
    "value": "PGM concentrate (4E: Pt/Pd/Rh/Au) — traded; SA smelter capacity required; near-zero chrome aids smelter payability",
    "state": "Sourced",
    "source": "newsfilecorp Sep 2024"
   },
   "offtake_structure": {
    "value": "Implats holds a FIRST-RIGHT-OF-REFUSAL for concentrate/smelter offtake; Hanwa markets refined metal — ROFR/in-discussion, not committed volume",
    "state": "Sourced",
    "source": "PTM / newsfilecorp",
    "note": "ROFR is not a binding offtake; concentrate offtake negotiations ongoing (SA smelters + Saudi BMR option)."
   },
   "counterparty": {
    "value": "Implats (ROFR, SA smelter); Hanwa (metal marketing); SA smelters / possible Saudi BMR",
    "state": "Sourced",
    "source": "PTM"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent",
    "note": "No committed offtake volume yet (ROFR only)."
   },
   "screen": "Offtake is ROFR/in-discussion (Implats), not committed — concentrate-marketing route is a live workstream"
  },
  {
   "id": "longonjo",
   "name": "Longonjo (rare earths)",
   "country": "Angola",
   "operator": "Pensana Plc (FSDEA ~29%)",
   "commodity_market": {
    "value": "Mixed rare earth carbonate (MREC) — NdPr-rich midstream product; ex-China premium; US/allied mine-to-magnet demand",
    "state": "Sourced",
    "source": "metalnomist / Crux Investor"
   },
   "offtake_structure": {
    "value": "Contracted VAC (Germany) 5-year MREC offtake to eVAC Magnetics (South Carolina); plus ReElement (US) up to 20,000 tpa; Toyota Tsusho MOU (non-binding)",
    "state": "Sourced",
    "source": "metalnomist / DFC",
    "note": "VAC contracted; ReElement + Toyota Tsusho additional (Toyota Tsusho MOU-stage)."
   },
   "counterparty": {
    "value": "Vacuumschmelze (VAC, Germany / South Carolina); ReElement Technologies (US); Toyota Tsusho (MOU)",
    "state": "Sourced",
    "source": "metalnomist / DFC"
   },
   "pct_committed": {
    "value": "VAC 5-yr offtake + ReElement up to 20,000 tpa against Stage-1 20,000 tpa MREC — material coverage; Toyota Tsusho MOU adds optionality",
    "state": "Sourced",
    "source": "metalnomist"
   },
   "screen": "Strong US/allied offtake — VAC contracted + ReElement; routes MREC to US magnet plants (ex-China)"
  },
  {
   "id": "khill",
   "name": "K.Hill (battery manganese)",
   "country": "Botswana",
   "operator": "Giyani Metals (100%)",
   "commodity_market": {
    "value": "Battery-grade HPMSM + HPMO (+ saleable by-product) — specialty battery-materials market; tight ex-China supply; demand into deficit ~2029",
    "state": "Sourced",
    "source": "Giyani DFS / nai500"
   },
   "offtake_structure": {
    "value": "None binding yet — product validated with C4V (Phase-2); per-customer qualification required before bankable offtake",
    "state": "Sourced",
    "source": "Giyani / Proactive",
    "note": "Battery-materials offtake needs lengthy per-customer qualification."
   },
   "counterparty": {
    "value": "C4V (battery test partner, not an offtaker); strategic-partner discussions ongoing",
    "state": "Sourced",
    "source": "Proactive"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding offtake yet; product qualified at Phase-2 (C4V); per-customer qualification is the offtake gate"
  },
  {
   "id": "minim-martap",
   "name": "Minim Martap (bauxite)",
   "country": "Cameroon",
   "operator": "Canyon Resources / Camalco (Camrail 26.9%)",
   "commodity_market": {
    "value": "Bauxite — liquid seaborne market; premium grade (51% Al2O3 / <2% silica) commands ~US$10-15/t over Guinea standard; demand ~3.5%/yr",
    "state": "Sourced",
    "source": "Crux Investor / Business in Cameroon"
   },
   "offtake_structure": {
    "value": "None binding BY DESIGN — spot-first to prove quality, then term offtake from strength; AFG debt did not require offtake",
    "state": "Sourced",
    "source": "Crux Investor / Canyon"
   },
   "counterparty": {
    "value": "Spot-market buyers initially; aluminium-refinery customers targeted for term offtake post-first-shipment",
    "state": "Sourced",
    "source": "Canyon / AL Circle"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent",
    "note": "Spot-first by design; term offtake deferred until quality demonstrated."
   },
   "screen": "No binding offtake (spot-first by design); liquid bauxite market + premium grade + own logistics underpin saleability"
  },
  {
   "id": "steelpoortdrift",
   "name": "Steelpoortdrift (vanadium)",
   "country": "South Africa",
   "operator": "Vanadium Resources (VR8) 86.49%",
   "commodity_market": {
    "value": "Vanadium — V2O5 flake/powder (98% steel-grade, 99.5% VFB-grade); China/Russia dominate supply; ex-China/Russia premium pathway to the US (USV/TechMet)",
    "state": "Sourced",
    "source": "Discovery Alert / VR8"
   },
   "offtake_structure": {
    "value": "BINDING DSO offtake (CPAL, 100k tpm) for near-term cashflow; NON-BINDING USV term sheet for 100% of V-Iron-Plant slag (binding pending V-Iron FS; USV right-to-match 20%); CEIG partly-binding MoU",
    "state": "Sourced",
    "source": "mining.com.au / Discovery Alert"
   },
   "counterparty": {
    "value": "China Precious Asia (CPAL, binding DSO); US Vanadium/TechMet (USV, slag term sheet); CEIG (MoU)",
    "state": "Sourced",
    "source": "mining.com.au / Discovery Alert"
   },
   "pct_committed": {
    "value": "USV term sheet = 100% of V-Iron-Plant slag (non-binding); CPAL = 100k tpm DSO (binding); final V2O5 product offtake to be finalised",
    "state": "Sourced",
    "source": "Discovery Alert"
   },
   "screen": "Mixed offtake — binding CPAL DSO (Chinese) for near-term cash + a non-binding 100%-slag US term sheet (USV/TechMet); strategic US pathway not yet binding"
  },
  {
   "id": "dasa",
   "name": "Dasa (uranium)",
   "country": "Niger",
   "operator": "Global Atomic via SOMIDA (Niger govt 20%)",
   "commodity_market": {
    "value": "U3O8 (yellowcake) — globally traded nuclear fuel; ~US$80-90/lb (highest since 2007); forecast supply deficit",
    "state": "Sourced",
    "source": "mining.com"
   },
   "offtake_structure": {
    "value": "~90% of offtake contracted to US nuclear utilities — multiple DEFINITIVE multi-year agreements (e.g. 2.1Mlb, 3.5Mlb windows) + LOIs; ~1.3Mlb/yr contracted",
    "state": "Sourced",
    "source": "Crux Investor / mining.com / Global Atomic"
   },
   "counterparty": {
    "value": "Major North American / US nuclear utilities (multiple; names not all disclosed)",
    "state": "Sourced",
    "source": "Global Atomic / Crux Investor"
   },
   "pct_committed": {
    "value": "~90% of offtake volume contracted/negotiated to US utilities",
    "state": "Sourced",
    "source": "Crux Investor"
   },
   "screen": "Offtake: ~90% to US utilities (definitive agreements); US energy-security supply"
  },
  {
   "id": "baniaka",
   "name": "Baniaka (iron ore)",
   "country": "Gabon",
   "operator": "Genmin (100%)",
   "commodity_market": {
    "value": "Iron ore — deep, liquid seaborne market; China-driven; Simandou's start reinforced Chinese appetite for African iron ore",
    "state": "Sourced",
    "source": "Ecofin"
   },
   "offtake_structure": {
    "value": "4x NON-BINDING offtake MoUs with major Chinese steelmakers (extended); SHICO LOI includes offtake placement; commodity-trader prepayment draft (~US$50m) — no binding offtake",
    "state": "Sourced",
    "source": "Sharecafe / Ecofin / nextinvestors"
   },
   "counterparty": {
    "value": "Major Chinese steelmakers (4 MoUs); SHICO (Sino-Hunan); a global commodity trader (prepayment draft)",
    "state": "Sourced",
    "source": "Ecofin / nextinvestors"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent",
    "note": "All offtake MoUs non-binding; conversion to binding is a stated milestone."
   },
   "screen": "No binding offtake — 4 non-binding Chinese-steelmaker MoUs + SHICO LOI; liquid iron ore market but China-concentrated demand"
  },
  {
   "id": "kanyika",
   "name": "Kanyika (niobium)",
   "country": "Malawi",
   "operator": "Globe Metals & Mining (100%)",
   "commodity_market": {
    "value": "Niobium pentoxide (+ tantalum) — concentrated global market (Brazil/CBMM ~dominant); strong non-Brazil supply-security pull; high-purity (>99%) oxides",
    "state": "Sourced",
    "source": "Discovery Alert / Globe"
   },
   "offtake_structure": {
    "value": "NON-BINDING MoU with Myst Trading (Phase-1, renewed annually); prefers long-term strategic partners; offtake conversion in progress",
    "state": "Sourced",
    "source": "mining.com.au / Globe"
   },
   "counterparty": {
    "value": "Myst Trading (non-binding MoU); target markets Japan/Europe/Americas",
    "state": "Sourced",
    "source": "mining-technology / Globe"
   },
   "pct_committed": {
    "value": null,
    "state": "Absent",
    "note": "Phase-1 MoU only (non-binding); long-term strategic offtake sought."
   },
   "screen": "No binding offtake (Myst Trading MoU only); supply-security pull is strong (non-Brazil niobium) but offtake not yet bound"
  },
  {
   "id": "toliara",
   "name": "Vara Mada / Toliara (mineral sands + REE)",
   "country": "Madagascar",
   "operator": "Energy Fuels (100%)",
   "commodity_market": {
    "value": "Ilmenite (Ti) + zircon (Zr) — liquid mineral-sands markets; monazite (REE) — strategic ex-China magnet feedstock",
    "state": "Sourced",
    "source": "mining.com / Energy Fuels"
   },
   "offtake_structure": {
    "value": "Vertically integrated — monazite to Energy Fuels' own White Mesa Mill (Utah) for REE separation; Ti/Zr into liquid markets (TZMI pricing)",
    "state": "Sourced",
    "source": "Energy Fuels / mining.com",
    "note": "Captive REE vertical integration is stronger than a third-party offtake for the strategic stream."
   },
   "counterparty": {
    "value": "Energy Fuels White Mesa Mill (captive, for monazite/REE); mineral-sands market buyers (Ti/Zr)",
    "state": "Sourced",
    "source": "Energy Fuels"
   },
   "pct_committed": {
    "value": "Monazite stream captive to own US mill (up to ~85% US heavy-REE demand); Ti/Zr to liquid markets",
    "state": "Sourced",
    "source": "mining.com"
   },
   "screen": "Strong de-risked demand — captive REE vertical integration (own US mill) + liquid Ti/Zr markets"
  },
  {
   "id": "farim",
   "name": "Farim (phosphate)",
   "country": "Guinea-Bissau",
   "operator": "Itafos (100%)",
   "commodity_market": {
    "value": "Phosphate rock — liquid global fertiliser market; high-grade (30% P2O5) with low minor-element ratio commands quality interest",
    "state": "Sourced",
    "source": "Itafos FS / GB Minerals"
   },
   "offtake_structure": {
    "value": "None binding — concentrate samples provided to potential customers; export to global fertiliser buyers",
    "state": "Sourced",
    "source": "GB Minerals / Itafos"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "No binding offtake counterparty; samples circulated to prospective buyers."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding offtake; liquid global phosphate-rock market + high grade underpin saleability"
  },
  {
   "id": "boumadine",
   "name": "Boumadine (polymetallic Au-Ag-Zn-Pb)",
   "country": "Morocco",
   "operator": "Aya Gold & Silver (operates Zgounder)",
   "commodity_market": {
    "value": "Separate zinc, lead and pyrite concentrates carrying payable gold/silver -> standard smelter markets; gold/silver are liquid but here carried in concentrate (not doré)",
    "state": "Sourced",
    "source": "Aya / Morocco World News"
   },
   "offtake_structure": {
    "value": "None yet (PEA-stage); concentrate offtake/smelter terms to be arranged at FS; near-term legacy-stockpile reclaim sales (~2.5Moz AgEq)",
    "state": "Sourced",
    "source": "Aya / Morocco World News"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "No offtake counterparty at PEA stage."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No offtake yet (PEA-stage); concentrate route to liquid smelter markets; legacy-stockpile reclaim gives near-term cash"
  },
  {
   "id": "lofdal",
   "name": "Lofdal (heavy rare earths)",
   "country": "Namibia",
   "operator": "Namibia Critical Metals 95% (JOGMEC JV)",
   "commodity_market": {
    "value": "Heavy-REE mixed oxide (Dy/Tb/Y-rich; ~40-50% yttrium) — acutely supply-constrained ex-China; premium pricing (Tb >US$1,000/kg, Dy ~US$250-660/kg)",
    "state": "Sourced",
    "source": "Crux Investor / NCMI PFS"
   },
   "offtake_structure": {
    "value": "JOGMEC holds a ROFR to PURCHASE ALL PRODUCTION at market prices; JOGMEC-Iwatani -> Carester/Caremag (France) HREE separation pathway — strong Japan-aligned route (ROFR, not committed binding offtake)",
    "state": "Sourced",
    "source": "NCMI / Crux Investor"
   },
   "counterparty": {
    "value": "JOGMEC / Japanese industry (purchase-all ROFR); Carester/Caremag (separation)",
    "state": "Sourced",
    "source": "NCMI / Crux Investor"
   },
   "pct_committed": {
    "value": "JOGMEC purchase-all ROFR covers 100% of production (optionality); separation pathway via Carester",
    "state": "Sourced",
    "source": "NCMI"
   },
   "screen": "Strong Japan-aligned demand pathway — JOGMEC purchase-all ROFR + Carester separation; ROFR is optionality, not a committed binding offtake"
  },
  {
   "id": "haib",
   "name": "Haib (copper-moly-gold porphyry)",
   "country": "Namibia",
   "operator": "Koryx Copper (100%)",
   "commodity_market": {
    "value": "Copper (Cu/Mo concentrate + potential Cu cathode) — deep, liquid LME-priced markets; molybdenum + gold credits",
    "state": "Sourced",
    "source": "Koryx / African Mining Market"
   },
   "offtake_structure": {
    "value": "None yet (PEA-stage); copper concentrate/cathode is highly saleable into liquid markets; offtake to be arranged at PFS/DFS",
    "state": "Sourced",
    "source": "Koryx",
    "note": "Copper liquidity underpins saleability; no binding offtake yet."
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "No offtake counterparty at PEA stage."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No offtake yet (PEA-stage); copper's deep liquidity underpins eventual saleability"
  },
  {
   "id": "orom-cross",
   "name": "Orom-Cross (graphite)",
   "country": "Uganda",
   "operator": "Blencowe Resources (100%)",
   "commodity_market": {
    "value": "Natural flake graphite (premium coarse flake) + purified USPG (battery anode) — ex-China supply premium; 2025 graphite market in oversupply/weak pricing (a revenue-assumption risk)",
    "state": "Sourced",
    "source": "Blencowe / discoveryalert",
    "note": "Graphite market softness in 2025 is a real revenue risk despite strong DFS economics."
   },
   "offtake_structure": {
    "value": "NON-BINDING offtakes covering ALL Phase-1 volumes (convert to binding on P1 financing); PAM (19kt/5yr, Western) + Qingdao TaiDa (5ktpa); captive in-country USPG facility takes up to ~50% of concentrate",
    "state": "Sourced",
    "source": "Blencowe DFS / intellinews"
   },
   "counterparty": {
    "value": "PAM (Perpetuus Advanced Materials, UK), Qingdao TaiDa Carbon (China); captive Blencowe USPG facility (Gulu)",
    "state": "Sourced",
    "source": "intellinews / Blencowe"
   },
   "pct_committed": {
    "value": "All Phase-1 volumes covered by NON-BINDING offtakes (convert on financing); ~50% captive to own downstream",
    "state": "Sourced",
    "source": "Blencowe DFS"
   },
   "screen": "All-P1 demand covered but NON-BINDING (converts on financing) + ~50% captive downstream; 2025 graphite pricing is a risk"
  },
  {
   "id": "bankan",
   "name": "Bankan (gold)",
   "country": "Guinea",
   "operator": "Predictive Discovery (100%)",
   "commodity_market": {
    "value": "Gold dore -> deep, liquid spot market (no offtake required)",
    "state": "Sourced",
    "source": "Predictive Discovery / miningreview"
   },
   "offtake_structure": {
    "value": "None required — gold doré sold at spot; ~250kozpa",
    "state": "Sourced",
    "source": "Predictive Discovery"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Gold doré is spot-liquid; no offtake counterparty."
   },
   "pct_committed": {
    "value": "Spot-liquid gold (no offtake exposure)",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré — no offtake/counterparty risk"
  },
  {
   "id": "zanaga",
   "name": "Zanaga (iron ore)",
   "country": "Republic of Congo",
   "operator": "Zanaga Iron Ore Co (100%)",
   "commodity_market": {
    "value": "High-grade DRI-grade iron-ore pellet feed (68%+ Fe) — premium green-steel/H2-DRI market segment; pricing differentiation above standard hematite",
    "state": "Sourced",
    "source": "discoveryalert / Zanaga"
   },
   "offtake_structure": {
    "value": "None binding — Glencore legacy offtake removed on exit; Gulf Iron & Steel relationship early; no offtake agreement announced",
    "state": "Sourced",
    "source": "Ecofin / discoveryalert"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "No binding offtake counterparty announced post-Glencore."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding offtake (Glencore legacy removed); premium DRI/green-steel product underpins future saleability"
  },
  {
   "id": "muntanga",
   "name": "Muntanga (uranium)",
   "country": "Zambia",
   "operator": "Atomic Eagle (100%; ex-GoviEx)",
   "commodity_market": {
    "value": "Uranium (U3O8) — term-contract market to Western and non-Western nuclear utilities; tight nuclear-fuel market",
    "state": "Sourced",
    "source": "African Mining Market / GoviEx"
   },
   "offtake_structure": {
    "value": "None binding yet — discussions underway with potential off-takers; uranium typically sold under long-term utility contracts",
    "state": "Sourced",
    "source": "African Mining Market"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "No uranium term contract signed yet."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding uranium contract yet; off-taker discussions underway into a tight nuclear-fuel market"
  },
  {
   "id": "bilboes",
   "name": "Bilboes (gold)",
   "country": "Zimbabwe",
   "operator": "Caledonia Mining (100%)",
   "commodity_market": {
    "value": "Gold dore -> deep, liquid spot market (no offtake required)",
    "state": "Sourced",
    "source": "Caledonia"
   },
   "offtake_structure": {
    "value": "None required (gold doré at spot); a put-option HEDGE (US$3,500/oz floor on ~3,000 oz/month, 2026-2028, on Blanket) underpins funding",
    "state": "Sourced",
    "source": "stocktitan / Caledonia"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Gold doré spot-liquid; hedge counterparties for price protection only."
   },
   "pct_committed": {
    "value": "Spot-liquid gold; price floor hedged to support lenders",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré; a US$3,500/oz floor hedge de-risks price for lenders"
  },
  {
   "id": "douta",
   "name": "Douta (gold)",
   "country": "Senegal",
   "operator": "Thor Explorations (100%)",
   "commodity_market": {
    "value": "Gold dore -> deep, liquid spot market (no offtake required)",
    "state": "Sourced",
    "source": "mining-technology"
   },
   "offtake_structure": {
    "value": "None required (gold doré at spot)",
    "state": "Sourced",
    "source": "mining-technology"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Gold doré spot-liquid; no offtake counterparty."
   },
   "pct_committed": {
    "value": "Spot-liquid gold (no offtake exposure)",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré — no offtake/counterparty risk"
  },
  {
   "id": "bekisopa",
   "name": "Bekisopa (iron ore)",
   "country": "Madagascar",
   "operator": "AKORA Resources (100%)",
   "commodity_market": {
    "value": "DSO iron ore (lump + fines, ~61.6% Fe) to BF-BOF steelmakers; Stage-2 +68% Fe concentrate would target DRI/green-steel buyers",
    "state": "Sourced",
    "source": "Akora / smallcaps"
   },
   "offtake_structure": {
    "value": "None binding — DSO product to blast-furnace steelmakers via Toliara port; marketing underway",
    "state": "Sourced",
    "source": "Akora / minedocs PFS"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "No binding offtake counterparty."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding offtake; DSO saleable to BF-BOF; premium DRI-grade concentrate is a Stage-2 future stream"
  },
  {
   "id": "enchi",
   "name": "Enchi (gold)",
   "country": "Ghana",
   "operator": "Newcore Gold (100%)",
   "commodity_market": {
    "value": "Gold dore -> deep, liquid spot market (no offtake required)",
    "state": "Sourced",
    "source": "Newcore"
   },
   "offtake_structure": {
    "value": "None required (gold doré at spot)",
    "state": "Sourced",
    "source": "Newcore"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Gold doré spot-liquid; no offtake counterparty."
   },
   "pct_committed": {
    "value": "Spot-liquid gold (no offtake exposure)",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré — no offtake/counterparty risk"
  },
  {
   "id": "boundiali",
   "name": "Boundiali (gold)",
   "country": "Cote d'Ivoire",
   "operator": "Aurum Resources (operator/owner)",
   "commodity_market": {
    "value": "Gold dore (CIL) -> liquid spot market; a DFS option is flotation concentrate to a roaster partner (refractory uplift)",
    "state": "Sourced",
    "source": "Aurum PFS"
   },
   "offtake_structure": {
    "value": "None required for doré (spot); the flotation-concentrate route would involve offtake to an established roaster partner (a DFS option, not yet committed)",
    "state": "Sourced",
    "source": "Aurum PFS"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Doré spot-liquid; roaster-concentrate offtake is a future DFS option."
   },
   "pct_committed": {
    "value": "Spot-liquid gold (doré); concentrate route optional",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré; flotation-concentrate-to-roaster is an optional DFS recovery-uplift route"
  },
  {
   "id": "afema",
   "name": "Afema (gold)",
   "country": "Cote d'Ivoire",
   "operator": "Turaco Gold (80%; Sodim 20%)",
   "commodity_market": {
    "value": "Gold dore -> deep, liquid spot market (no offtake required)",
    "state": "Sourced",
    "source": "Turaco PFS"
   },
   "offtake_structure": {
    "value": "None required (gold doré at spot)",
    "state": "Sourced",
    "source": "Turaco PFS"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Gold doré spot-liquid; no offtake counterparty."
   },
   "pct_committed": {
    "value": "Spot-liquid gold (no offtake exposure)",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré — no offtake/counterparty risk"
  },
  {
   "id": "tgme",
   "name": "TGME (gold)",
   "country": "South Africa",
   "operator": "Theta Gold Mines (74%; 26% BEE)",
   "commodity_market": {
    "value": "Gold dore -> deep, liquid spot market",
    "state": "Sourced",
    "source": "miningreview"
   },
   "offtake_structure": {
    "value": "None required for doré (spot); note a Sprott streaming agreement (US$70m) is a financing arrangement, not a marketing offtake",
    "state": "Sourced",
    "source": "Wikipedia",
    "note": "Sprott stream is finance, not a sales-offtake counterparty."
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Gold doré spot-liquid; Sprott stream is finance not marketing."
   },
   "pct_committed": {
    "value": "Spot-liquid gold (a streaming % accrues to Sprott as finance)",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré; Sprott stream is a financing (not marketing) arrangement"
  },
  {
   "id": "diamba-sud",
   "name": "Diamba Sud (gold)",
   "country": "Senegal",
   "operator": "Fortuna Mining (100% via Boya SA)",
   "commodity_market": {
    "value": "Gold dore -> deep, liquid spot market (no offtake required)",
    "state": "Sourced",
    "source": "Fortuna"
   },
   "offtake_structure": {
    "value": "None required (gold doré at spot)",
    "state": "Sourced",
    "source": "Fortuna"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Gold doré spot-liquid; no offtake counterparty."
   },
   "pct_committed": {
    "value": "Spot-liquid gold (no offtake exposure)",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré — no offtake/counterparty risk"
  },
  {
   "id": "bunyu",
   "name": "Bunyu (graphite)",
   "country": "Tanzania",
   "operator": "Volt Resources (100%; UOF 62% pending)",
   "commodity_market": {
    "value": "Natural flake graphite (coarse + fine) -> battery-anode + refractory/industrial buyers; price-volatile, China-dominated market",
    "state": "Sourced",
    "source": "marketscreener / tanzaniainvest"
   },
   "offtake_structure": {
    "value": "None binding — offtake negotiations ongoing; >=80% bankable offtake is a UOF condition precedent",
    "state": "Sourced",
    "source": "miningweekly / proactiveinvestors",
    "note": "No binding offtake; it is a financing condition."
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "No binding offtake counterparty yet."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "No binding offtake (>=80% offtake is a CP); graphite market China-dominated, price-volatile"
  },
  {
   "id": "ancuabe",
   "name": "Ancuabe (graphite)",
   "country": "Mozambique",
   "operator": "Triton Minerals (80%; Moz govt 10%)",
   "commodity_market": {
    "value": "High-purity large-flake graphite -> battery-anode + flame-retardant/refractory buyers",
    "state": "Sourced",
    "source": "mining.com.au"
   },
   "offtake_structure": {
    "value": "Binding offtakes signed 2018 (Tianshengda ~16ktpa; Chenyang ~16ktpa 5+5yr) + non-binding Haida/Jinhui — but 2018-vintage, pre-dating long delays",
    "state": "Sourced",
    "source": "nsenergybusiness / mining-technology"
   },
   "counterparty": {
    "value": "Chinese offtakers (Tianshengda, Chenyang) — 2018 contracts requiring reconfirmation given project delays",
    "state": "Sourced",
    "source": "nsenergybusiness",
    "note": "Counterparty reconfirmation needed (2018 contracts; project since delayed/attacked)."
   },
   "pct_committed": {
    "value": "~half of ~60-70ktpa under 2018 binding contracts (to reconfirm)",
    "state": "Derived",
    "source": "nsenergybusiness"
   },
   "screen": "Binding offtakes exist (2018, Chinese) but are stale -> reconfirmation needed"
  },
  {
   "id": "zandkopsdrift",
   "name": "Zandkopsdrift (REE + Mn)",
   "country": "South Africa",
   "operator": "Frontier Rare Earths (IDC/Carester/Komir partners)",
   "commodity_market": {
    "value": "Magnet REE (NdPr/Dy/Tb) + battery-grade manganese -> ex-China western buyers (EU/Korea)",
    "state": "Sourced",
    "source": "prnewswire / discoveryalert"
   },
   "offtake_structure": {
    "value": "Binding 7-year MHREC offtake with Carester (processed at Lacq, France); IDC option up to 10% (for SA downstream)",
    "state": "Sourced",
    "source": "prnewswire / engineeringnews"
   },
   "counterparty": {
    "value": "Carester (France) — credible western separation specialist; IDC (SA DFI) option",
    "state": "Sourced",
    "source": "prnewswire"
   },
   "pct_committed": {
    "value": "7-yr MHREC offtake (Carester) + IDC 10% option; NdPr marketing to be firmed in DFS",
    "state": "Derived",
    "source": "prnewswire"
   },
   "screen": "Binding Carester 7-yr MHREC offtake + IDC 10% option — credible western counterparties"
  },
  {
   "id": "kandiole",
   "name": "Kandiole (gold)",
   "country": "Mali",
   "operator": "Roscan Gold (100%)",
   "commodity_market": {
    "value": "Gold dore -> deep, liquid spot market (no offtake required)",
    "state": "Sourced",
    "source": "Roscan"
   },
   "offtake_structure": {
    "value": "None required (gold doré at spot)",
    "state": "Sourced",
    "source": "Roscan"
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "Gold doré spot-liquid; no offtake counterparty."
   },
   "pct_committed": {
    "value": "Spot-liquid gold (no offtake exposure)",
    "state": "Derived"
   },
   "screen": "Spot-liquid gold doré — no offtake/counterparty risk"
  },
  {
   "id": "steenkampskraal",
   "name": "Steenkampskraal (REE + thorium)",
   "country": "South Africa",
   "operator": "SMM (Holdings + Bora; IDC-funded)",
   "commodity_market": {
    "value": "Monazite concentrate (>50% TREO) -> rare-earth processors/buyers; longer-term separated oxides",
    "state": "Sourced",
    "source": "steenkampskraal / esi-africa"
   },
   "offtake_structure": {
    "value": "Offtake discussions advanced with international partners — NOT yet binding",
    "state": "Sourced",
    "source": "steenkampskraal",
    "note": "Advanced but not binding."
   },
   "counterparty": {
    "value": null,
    "state": "Absent",
    "note": "No binding offtake counterparty yet (discussions advanced)."
   },
   "pct_committed": {
    "value": null,
    "state": "Absent"
   },
   "screen": "Offtake discussions advanced (international) but not yet binding"
  }
 ]
}