Business
Business update - Mambare operations
Business update - Mambare operations.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 2589H Regency Mines PLC 14 November 2018 \n\nRegency Mines Plc\n(\"Regency\" or \"the Company\")\nBusiness Update: Mambare Nickel/Cobalt operations\nFramework Agreement reached with JV Partner\n \n14 November 2018\nRegency Mines Plc (LON:RGM), the natural resource development and investment company with interests in hydrocarbons and base metals, announces an update in respect of the Mambare nickel/cobalt project (the \"Project\") in Papua New Guinea. \nMambare is a large nickel/cobalt deposit with a substantial JORC compliant Inferred and Indicated Mineral Resource, in which Regency has a 50% interest.\n \nHighlights: \n \n● The Regency JV's licence renewal application for EL1390 has been recommended for approval by the Mining Advisory Council in Papua New Guinea and awaits Ministerial signature;\n \n● As part of the renewal application Regency has submitted on behalf of the JV a new work plan in respect of the Project;\n \n● Regency has reached a new Framework Agreement with its 50% joint venture (\"JV\" or \"Joint Venture\") partner Direct Nickel (Projects) Ltd (\"DniP\") and its related parties; \n \n● Regency has received interest from third parties wishing to co-operate on development of the Mambare project and these options will be considered by the JV partners; \n \n● Nickel spot prices are currently about US$11,660 per ton and cobalt US$46,660 per ton;\n \n \nAndrew Bell, Chairman of Regency Mines commented \"The Mambare project joint venture we have always considered a remarkable opportunity for Regency Mines and the anticipated renewal of the exploration licence for two years occurs at a key point in the mineral cycle where interest in nickel and cobalt is increasing enables us to plan strategically.\nRepresentatives of the joint venture including partner representatives are currently on site in Papua New Guinea as part of the planning process for the work programme, a\\nd are also looking into the possible economics of a direct shipping ore operation. \n \nWe welcome the agreement reached with our JV partner. We had conveyed concerns relating to changes in their structure and how their share of expenditure would be funded. The new arrangements allay these c...