Business
Operations Update
Operations Update.
About this update from Corcel Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n Corcel PLC\n \n \n \n (\"Corcel\" or the \"Company\")\n \n \n \n \n \n \n Operations Update\n \n \n \n \n \n \n \n 22 June 2022\n \n \n \n \n \n \n Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage announces an update across its various interests and operations. \n \n \n \n Wowo Gap Nickel/Cobalt Project (100% Interest)\n \n \n \n \n \n \n \n \n As initially announced on 10 January 2022, the Company has entered into a non-binding memorandum of understanding (\"MOU\") with Shandong New Powder Cosmo AM&T (\"NPC\") for the supply of nickel from the Company's Mambare and Wowo Gap nickel projects in Papua New Guinea, where the Company owns 41% and 100% respectively. \n \n \n \n \n \n As of mid-June 2022 and following the opening up of regional travel post COVID constraints, a representative of Sentient Equity Partners (\"SEP\"), one of the three main investors and the mining specialists amongst NPC shareholders, has returned from a visit to Cosmo AM&T in Korea; a publicly listed Korean company with a US$1.3bn market capitalization and the fourth largest lithium battery cathode producer in the country. This meeting of NPC shareholders successfully advanced discussions covering the MOU signed earlier this year as well as addressing the broader requirement for NPC to secure long-term supplies of critical battery metals. While NPC's current revenues are robust, access to reliable and reasonably priced raw materials remains an ongoing challenge for the plant and the sector generally. \n \n \n \n \n \n NPC is currently preparing a detailed report on the Mambare and Wowo gap projects for review by its shareholders, and COSMO AM&T has invited Corcel's management to Korea to advance discussions and move the MOU to a binding agreement. Further announcements will follow as appropriate. \n \n \n \n \n \n \n Mambare Nickel/Cobalt Project (41% Interest)\n \n \n \n \n \n \n \n \n The Mambare JV partners recently concluded a 3-day visit with the Papua New Guinea Mineral Resource Authority in Popondetta. This visit was primarily conducted for stakeholder awareness purposes as well as to provide broad-base...