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Corcel PLC - Extractive industries exploration and development company - Says it has been notified by Battery Metals Pty Ltd, its partner on the Mambare licence, of its intention to exercise its pre-emption rights and buy out Corcel’s 41% interest in the nickel-cobalt project for an equivalent cash consideration to the battery metals joint venture announced March 1.
The pre-emption right only covers the Mabare asset, and is subject to further legal documentation. Corcel is following up on several details of the buy-out offer, and will make an initial announcement about cash proceeds ‘when appropriate’.
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