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
James Joyce / James Bavister
/Andrew de Andrade
WH Ireland Ltd NOMAD &
Broker
0207 220
1666
Patrick d'Ancona
Vigo
Communications IR
0207 3900 230
The information contained within
this announcement is deemed to constitute 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.