African Battery Metals PLC Update (1994Z)
August 30 2018 - 2:00AM
UK Regulatory
TIDMABM
RNS Number : 1994Z
African Battery Metals PLC
30 August 2018
African Battery Metals plc / EPIC: ABM / Market: AIM
30 August 2018
African Battery Metals plc ("ABM" or the "Company")
Relinquishes interests in Sierra Leone to focus on new nickel
and cobalt project
and battery metal project development strategy
AIM quoted African Battery Metals plc, the African focused
exploration company developing projects in strategic battery
metals, announces that, following the acquisition of two new nickel
and cobalt projects in Cameroon and Cote d'Ivoire and a review of
its assets, the Board has decided to discontinue its activities in
Sierra Leone. This will allow the Company to focus all its
resources and energies on advancing its portfolio and identifying
further opportunities that fit within its investment criteria, to
build value and deliver a leading battery metals-focussed resource
company.
The Company believes that there are attractive long-term market
fundamentals for battery metals. The strategy of rapidly building
the Company both organically and through acquisition, that was
implemented in January 2018, has been endorsed by the new
shareholders led by highly successful international resource
entrepreneurs, including Stephen Dattels and Ian Stalker. This and
the fact that the exploration licence covering the 153 sq. km
Ferensola Project, in Northern Sierra Leone, is due for renewal,
has prompted the decision to end all activity in Sierra Leone.
Accordingly, it is expected that a local liquidator will be
appointed to manage the process and ensure a timely and
satisfactory exit. The impact of the exit will be reported on in
the next financial statement relevant to the period.
The Company now holds four prospecting licences in Cameroon
close to one of the largest undeveloped cobalt resources in the
world and two prospecting licence applications, as well as the
irrevocable right to earn in to up to 70% of the 380 sq km Lizetta
II cobalt, chrome and nickel project in Cote d'Ivoire. These two
projects complement the licences in the Democratic Republic of
Congo which are prospective for cobalt. ABM is also actively
evaluating additional projects which the Board believes have
potential to significantly advance the Company's stated
strategy.
ABM CEO, Roger Murphy, said, "As our strategy states, we are
focussed on battery metals. With the acquisition of two highly
prospective nickel and cobalt assets which complement our existing
DRC cobalt projects, and the Sierra Leone licences being up for
renewal and extensive consultation with our stakeholders, we have
elected not to continue with activities in Sierra Leone. We believe
that in order to maximise shareholder value we need to focus
resources on our core strategy. We have a platform from which to
grow, both through the development of our current portfolio and by
securing additional highly value accretive acquisitions and in the
process deliver a leading battery metals-focussed resource
company."
**Ends**
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please visit https://www.abmplc.com/ or
contact:
African Battery Metals plc
Roger Murphy (CEO) +44 (0) 20 7583 8304
SP Angel Corporate Finance (Nomad and Broker)
Ewan Leggat +44 (0) 20 3470 0470
St Brides Partners Ltd (Public Relations)
Isabel de Salis/Juliet Earl +44 (0) 20 7236 1177
Madini Minerals (Financial and Technical Adviser)
Iain Macpherson / Ilja Graulich +27 (0) 11 469 0629
Notes to Editors:
ABM is an AIM listed, Africa focused, resource company exploring
for the key metals used in next generation batteries that fuel the
new electric vehicle revolution. The Board and team of advisors,
who have proven expertise in African exploration, mining and
project generation, have identified an opportunity to utilise the
Company's position to become a leader in the London market for
investors to gain exposure to the battery metal commodity suite,
particularly cobalt, lithium, copper and nickel.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDSEUFWUFASELA
(END) Dow Jones Newswires
August 30, 2018 02:00 ET (06:00 GMT)
Power Metal Resources (LSE:POW)
Historical Stock Chart
From Apr 2024 to May 2024
Power Metal Resources (LSE:POW)
Historical Stock Chart
From May 2023 to May 2024