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(Sharecast News) - Battery metals and energy storage-focussed exploration and development company Corcel has completed a share purchase agreement with Australian-registered Resource Mining Corporation (RMI), it said on Monday, to acquire 100% of Niugini Nickel.
The AIM-traded firm said Niugini Nickel owns 100% of the Wo Wo Gap nickel-cobalt project in Papua New Guinea.
It said the project is located 200 kilometres from the country's capital of Port Moresby, and around 150 kilometres south east of its Mambare nickel-cobalt asset.
The company said it saw "significant synergies" between the two projects, adding that the acquisition was a "significant step" in its evolution towards building a leading regional battery metal and nickel-cobalt business with material scale.
Exploration at the project dated back to the 1950s, and had consisted of multiple drilling programmes, including diamond drilling, wacker holes, and ground-penetrating radar.
Recent project activity had focussed on maintaining commitments for the exploration licence, including site-based activities such as maintenance of the existing infrastructure and equipment, so as to facilitate a ready state for future exploration and development which was likely to be focussed on a potential direct shipping ore operation.
The project was held through one tenement in Papua New Guinea, EL 1165, which expired on 28 February 2020 and was currently under reapplication for a further two-year period.
"I am delighted we have secured the Wo Wo Gap project, which effectively doubles the scale of our nickel and cobalt business," said executive chairman James Parsons.
"Securing nickel supply remains a critical enabler for the major players in global electrification and our nickel business is perfectly positioned for the inevitable supercycle.
"Near term priorities at Wo Wo Gap will include resource updates, exploring synergies with our Mambare project, and the early securing of long term shipping and offtake arrangements."
At 1005 BST, shares in Corcel were up 5.33% at 1.58p.
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