Corcel plc is to sell its 41% interest in the Mambare nickel-cobalt project and associated Oro Nickel joint venture, following no response from its partner’s pre-emption notice and time extension.
ADVICE
In March 2023, Corcel restructured its Papua New Guinea assets in a 50-50 joint venture with Integrated Energy Metals (IEM) to create a new carried vehicle Integrated Battery Metals (IBM).
The agreement would see IBM pay $4.1 million for Corcel’s 41% interest, conditional on Corcel’s project partner and operator Battery Metals Pty Ltd (BMA) waiving pre-emption rights.
BMA previously said it intended to exercise its pre-emption rights to buy out Corcel’s 41% share, leading Corcel to plan a formal dispute.
Corcel today said that it and IBM had been legally advised to progress the sale.
The company added it had been informed by BMA that the country’s Ministry of Mining was not prepared to grant Oro Nickel’s application for a direct shipping ore mining lease.
The JV has 30 days in which to appeal against the decision.