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Corcel PLC on Wednesday said it has agreed with Integrated Energy Metals to restructure the former’s PNG battery metals assets into a new joint venture vehicle called Integrated Battery Metals. Corcel is a London-based mining and mineral resource development company with interests in flexible energy storage and production. It manages operations in Papua New Guinea, Canada, Australia, and the UK. It said it intends for IBM to eventually be listed in Asia, as previously announced in mid-October. IBM will own Corcel’s holdings in the Mambare and Wowo Gap projects alongside IEM’s interest in the Doncella lithium project in Argentina. Corcel will own 50% of IBM, benefit from a $1.5 million carried interest and a 1.5% gross revenue royalty on Wowo Gap, alongside nominating half of the IBM board. The company said that, alongside IEM, it intends to further progress their joint venture and to potentially inject additional assets into IBM before pursuing a listing in either Singapore or Australia. ‘We are pleased to announce the signature of this joint venture, which both funds near term spend on our PNG nickel assets and positions them in a broader portfolio ready for a standalone listing,’ said Corcel Chief Executive Officer Scott Kaintz. ‘Progression of this transaction is a major step forward in Corcel’s strategy to build a non-operated and carried portfolio of upstream battery metal projects alongside new oil and gas opportunities, including in Brazil where the company sees unique and significant opportunities at this moment.’ Shares in Corcel were up 2.8% to 0.28 pence each in London on Wednesday after midday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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