Business
Kalahari Copper Belt - Business Update
Kalahari Copper Belt - Business Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7237T\n Power Metal Resources PLC\n 29 March 2021\n \n \n \n \n 29 March 2021\n \n \n Power Metal Resources plc \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n Kalahari Copper Belt - Business Update\n \n \n Conditional Agreements Signed to Significantly Increase Kalahari Copper Belt Licence Footprint\n \n \n Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide a business update in respect of the Company's Strategic Joint Venture (\"SJV\") with Kavango Resources plc (\"Kavango\")(LON:KAV).\n \n Background:\n \n \n The SJV covers precious, base and stategic metal opportunities in Botswana. Power Metal and Kavango each have a 50% interest in the SJV.\n \n \n The plan is for the SJV to secure a listing in London, and to this effect a local Botswana operating company has been established called Kanye Resources (Pty) Limited (\"Kanye Botswana\"). Kanye Botswana is wholly owned by Kanye Resources plc (\"Kanye plc\"), a UK public company which will be the planned listing vehicle.\n \n \n Power Metal and Kavango will each have a 50% shareholding in Kanye plc following completion of the restructuring exercise. Both companies will have representative directors on the board of Kanye plc and will contribute to the funding of Kanye plc and Kanye Botswana, during the listing process.\n \n Formal transfer documents have been lodged with the relevant authorities in Botswana to transfer the four SJV licenses currently held in the name of Kavango Minerals (Pty) Ltd into Kanye Botswana. The four licences are as follows:\n - South Ghanzi Project (Kalahari Copper Belt or \"KCB\") covering 1,294 km2 in two prospecting licences and targeting copper/silver discoveries;\n - Ditau Project covering 1,386 km2 in two prospecting licences and targeting rare earth element discoveries.\n With its strategic footprint of exploration interests in Botswana, Kanye plc will seek to acquire additional exploration opportunities in the build up to listing, further enhancing its position. \n Highlights:\n - Power Metal is pleased to announce the signing of two conditional agreements that allow Kanye Botswana to acquire a 100% interest in eight prospecting licences (PLs) in the highly prospective Kalahari Copp...