Corcel Shares Rise on Nickel Agreement With China-Based Joint Venture

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by Anthony O’Goryinoff

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Shares of Corcell Plc rose on Monday after it said it has signed a non-binding agreement to supply nickel from its Mambare and Vuwo Gap nickel projects in Papua New Guinea to a China-based joint venture.

Shares were up 0.25 pence, or 17%, at 1.70 pence at 0918 GMT.

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The AIM-listed company, which invests in battery metals and flexible-grid solutions, said Shandong New Powder Cosmo AM&T was seeking to purchase up to 0.5 million metric tons of nickel direct shipping ore products.

“NPC and CRCL have agreed to negotiate in good faith to enter into a binding offtake agreement for purchase of nickel by NPC. The initial period of the offtake agreement will be for 3 to 5 years,” the company said.

Shandong New Powder is a joint venture formed by Cosmo AM&T Centient Global Resources Funds, Shandong DogGuide Group and Cosmo AM&T Company of South Korea.

Anthony O. Write to Goriainoff at [email protected]

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