20th Feb 2023 12:04
(Alliance News) - Corcel PLC on Monday said it is broadening its strategic focus to other extractive industries, while widening its geographic focus to Brazil, where it has been actively screening for industrial opportunities.
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.
Shares in the company were trading 12% higher at 0.29 pence each in London on Monday at noon.
Corcel told investors its expansion into oil and gas, alongside mining, reflects the significant onshore opportunity within the industry, as well as the company's experience and connections in the industry. It will be reviewing its staffing over the first quarter to reflect the shift.
While the firm's geographical focus to-date has been in Papua New Guinea and Australia, it also now expects to "rapidly broaden" across other regions, namely Brazil. Corcel said it has been actively screening opportunities for over a year, and has "multiple potential transaction opportunities".
The company will attend project vendor meetings next week in the country, with further announcements to be made after these discussions have concluded.
In other news, Corcel said it is well positioned as a carried non-operator miner across multiple mineral exploration projects in its growing battery metals upstream portfolio, which currently consists of two lateritic nickel deposits, Mambare and Wowo Gap.
The company on Monday said it is well advanced in a restructuring and the formation of a new joint venture entity in Asia, such that it will retain a non-operated and fully carried interest in these projects as they continue to be developed.
Its farm-in partner on the Mt Weld project in Australia, Riversgold Ltd, has completed 3D inversion magnetics work on existing drill targets in order to prepare for an upcoming drill campaign at the property. Approvals are progressing at the site, with aim to commence drilling this quarter.
By Holly Beveridge; Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Corcel