Business
Signature of Battery Metals Joint Venture
Signature of Battery Metals Joint Venture.
About this update from Corcel Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Corcel PLC\n \n \n \n (\"Corcel\" or the \"Company\")\n \n \n \n \n \n Signature of Battery Metals Joint Venture\n \n \n \n 1 March 2023\n \n \n \n Corcel\n Plc (London AIM: CRCL),\n the extractive industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements,\n announces that it has entered into agreements with Integrated Energy Metals (\"IEM\") restructuring the Company's PNG battery metals assets into a new carried vehicle, Integrated Battery Metals (\"IBM\"). It is intended that IBM will, ultimately, be listed in Asia, as previously announced on 17 October 2022. \n \n \n \n Highlights:\n \n \n \n o \n IBM joint venture to own Corcel's holdings in the Mambare and Wowo Gap projects alongside IEM's interest in the Doncella lithium project in Argentina\n \n \n o \n Corcel, pursuant to its recently announced strategy, will own 50% of IBM, benefit from a US$1.5m carried interest and a 1.5% gross revenue royalty on Wowo Gap and will nominate half of the board of IBM\n \n \n o \n Corcel and IEM intend to further progress this joint venture and to potentially inject additional assets into IBM prior to pursuing a listing in either Singapore or Australia\n \n \n \n Corcel Chief Executive Officer, Scott Kaintz commented:\n \n \"We are pleased to announce the signature of this joint venture, which both funds near term spend on our PNG nickel assets and positions them in a broader portfolio ready for a standalone listing. Progression of this transaction is a major step forward in Corcel's strategy to build a non-operated and carried portfolio of upstream battery metal projects alongside new oil and gas opportunities, including in Brazil where the Company sees unique and significant opportunities at this moment.\" \n \n \n \n Battery Metals Interest Restructuring and Joint Venture\n \n \n \n As previously announced, Corcel has agreed to inject its 41% interest in the Mambare nickel/cobalt project as well as its 100% interest in the Wowo Gap nickel/cobalt project, and IEM has agreed to inject its 4.04% interest in Hanacolla S.A., owner of the Doncella lithium project in Argentina, with additional lithium and other battery metal interests expected to follow. \n \n \n The joint venture agreement has now been ente...