Danilo Lange has been confirmed as chief executive officer of Critical Metals, the company announced on May 12, 2026. The London-listed miner holds a 70% stake in the Molulu copper-cobalt project in Haut-Katanga province in the Democratic Republic of Congo.

Lange had been serving in the role on an interim basis since December 2025, following the resignation of Ali Farid Khwaja. Khwaja had replaced Russell Fryer, who stepped down on Sept. 4, 2025. The successive management changes came as the company pursued restructuring efforts while facing persistent financial difficulties.

In the announcement, non-executive director Kelvin Williams said the board based its decision on Lange’s performance during his interim tenure. Williams said Lange had demonstrated a strong understanding of the company’s operations, convincing the board he was the best candidate to advance the group’s strategy.

NIU Invest’s financial backing

Critical Metals continues to operate in a difficult financial environment. The Molulu project, located about 100 kilometers north of Lubumbashi, has yet to generate commercial copper or cobalt sales.

For the financial year ended June 30, 2025, the company reported a loss of about 2.4 million pounds sterling, equivalent to roughly $3.2 million. The result marked an improvement from the previous financial year, helped partly by a roughly 25% reduction in salary expenses and significant workforce cuts in the DRC, particularly among field technicians.

The company remains heavily reliant on the financial backing of its majority shareholder, NIU Invest SE, which holds about 70% of Critical Metals. In late December 2025, the investment firm led by Austrian businessman Cevdet Caner extended the miner a convertible loan of 2.1 million pounds sterling, or about $2.84 million, partly intended to finance operations at the Molulu project. The loan can be converted into Critical Metals shares, potentially increasing NIU Invest’s stake in the company.

According to Africa Intelligence, Caner was also among the parties interested in acquiring Chemaf’s mining assets in the DRC through Global Critical Resources (GCR), a mining company established in the United States and backed by American investors.

The developments underscore growing ambitions by NIU Invest and its partners in Congo’s mining sector, as copper and cobalt assets attract increasing international competition.

Timothée Manoke