REG - Corcel PLC - Mambare Joint Venture Update

CorcelAnnouncement

12/06/2024 08:30

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RNS Number : 1262S  Corcel PLC  12 June 2024

Corcel PLC

("Corcel" or the "Company")

 

Mambare Joint Venture Update

12 June 2024

Corcel plc, (London AIM: CRCL), the pan Angola-Brazil focused exploration and
production company, announces the following in respect to its Mambare
nickel/cobalt project in Papua New Guinea and the associated Oro Nickel Joint
Venture (the "JV").

Sale of Mambare Interest:

Following the 16 October 2023 announcement relating to the completion process
for the sale of Mambare, the Company did not receive a response to the
pre-emption notice from Battery Metals Australasia Limited ("BMA") over a
subsequent further extended period and the Company and the buyer,
International Battery Metals ("IBM") have been legally advised to move forward
with completion of the sale.

Mining Lease Application:

Pending completion of the sale, in its capacity as a joint venture partner,
the Company has recently been informed by the operator BMA, that the Papua New
Guinea Ministry of Mining ("MOM") has notified the JV in writing that it is
currently not prepared to grant Oro Nickel's application for a direct shipping
ore mining lease, as announced 10 March 2022.  The notification further
informed the JV of a 30-day period in which to appeal this decision, and the
Company has not been informed by BMA nor the authorities in PNG of any
subsequent developments on these matters following this period of
appeal.

 

For further information, please contact:

Scott Gilbert
 
                        Corcel Plc Interim CEO

Development@Corcelplc.com (mailto:Development@Corcelplc.com)
 

James Joyce / James Bavister /Andrew de Andrade
            WH Ireland Ltd NOMAD & Broker

0207 220 1666
 
 

Patrick
d'Ancona
           Vigo Communications IR

0207 3900
230

 
 

 

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inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014 which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

 

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