Corcel PLC has provided an update on its Mambare nickel/cobalt project in Papua New Guinea and the associated Oro Nickel Joint Venture (the "JV"). The company announced that it did not receive a response to the pre-emption notice from Battery Metals Australasia Limited ("BMA") over an extended period, and has been legally advised to move forward with the completion of the sale to International Battery Metals ("IBM").
In its capacity as a joint venture partner, the company has 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. The notification also informed the JV of a 30-day period in which to appeal this decision, and the company has not been informed of any subsequent developments on these matters following this period of appeal.
For further information, interested parties have been directed to contact Scott Gilbert, Interim CEO of Corcel PLC, or the company's appointed NOMAD & Broker and IR representatives.
This update provides insight into the ongoing developments and challenges faced by Corcel PLC in relation to its Mambare nickel/cobalt project and the associated joint venture in Papua New Guinea.