Regency Mines PLC New Battery and Storage Technologies Division (4786W)
15 November 2017 - 12:33AM
UK Regulatory
TIDMRGM
RNS Number : 4786W
Regency Mines PLC
14 November 2017
Regency Mines Plc
("Regency" or "the Company")
New Battery and Storage Technologies Division
14 November 2017
Regency Mines, Plc, the natural resource exploration and
development company with interests in hydrocarbons and base metals
announces the creation of a new Battery and Storage Technologies
Division ("BST Division").
Highlights:
-- New BST division to house existing Mambare Nickel/Cobalt project
-- BST division will also hold Regency's interest in the Direct
Nickel ("DNi") production technology;
-- Formation of a new company ESTEQ Limited to act as the
vehicle for development of opportunities in the battery and storage
technology sector.
Andrew Bell, Chairman, comments: "The emerging dynamics of the
electric vehicle or EV battery industry has led to a focus on the
metals most affected by this new source of demand. Nickel and
cobalt are key materials for the cathodes of these batteries and
cobalt has seen, and nickel is beginning to see, price rises off
recent depressed levels that we think will be sustained. The
Mambare project in which we have a 50% interest is potentially
among the largest long life sources of these metals and is situated
near the major markets for them.
If Regency is to seize the opportunity that is presented this
can best be done inside a dedicated business operation, since at
present Regency's valuation clearly lags its comparators in the
field.
Further updates will follow in respect of the BST division in
the near future.
Work on our metallurgical coal opportunities continues and we
are keen to finalise commercial transactions and communicate the
strategic and operational plans to shareholders."
Background on Mambare
Regency owns 50% directly and 1.36% indirectly of the Mambare
licenses in the Oro Province of Papua New Guinea, totalling 255 sq
km. A JORC-compliant maiden Mineral Resource Estimate of 162.5m
tons of ore at 0.94% Nickel (with a 0.6% cut-off grade) and Cobalt
at 0.09% was announced by the Company on 25 April 2012 and on 13
June 2012. This included 47m tons at 1.23% Nickel (with a 1%
cut-off grade). The Resource was calculated over a 27.8sq km area,
2 sq km of which was within the 80 sq km plateau which constitutes
the prime target.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines
Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 020 7374 2212 Broker First Equity Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKQDNNBDDKDD
(END) Dow Jones Newswires
November 14, 2017 08:33 ET (13:33 GMT)
Corcel (LSE:CRCL)
Historical Stock Chart
From Apr 2024 to May 2024
Corcel (LSE:CRCL)
Historical Stock Chart
From May 2023 to May 2024