Metals & Minerals News

Corcel’s partner plans to buy 41% of Mambare

Posted on Author editorial Comment(1)

Corcel plc said that its partner Battery Metals Pty Ltd (BMA) intends to exercise its pre-emption rights to buy out the company’s 41% interest in the Mambare nickel-cobalt project in Papua New Guinea (PNG).

LEGAL

The move could hinder Corcel’s new joint venture Integrated Battery Metals (IBM) announced on 1 March to hold its PNG assets of Mambare as well as Wowo Gap.

The planned new vehicle is conditional on BMA waiving pre-emption rights during a 45-day review period.

“This pre-emption right only covers the Mambare asset and remains subject to further legal documentation,” added Corcel in a statement today.

“The company is also currently following up on several details as relates to BMA’s acceptance of the Mambare buy-out offer.”

Corcel said it would make a further announcement on the sale, expected proceeds and the associated ramifications of the potential buy-out on the agreed IBM joint venture.

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One Reply to “Corcel’s partner plans to buy 41% of Mambare”

  1. Pingback: Corcel sells Wowo Gap for up to $2.8m and disputes buyout of Mambare 41% share - Extractive Industries

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