African Battery Metals abandons Sierra Leone projects for nickel, cobalt in Cameroon, Côte d’Ivoire

Dar es Salaam, Tanzania (PANA) – AIM-listed African Battery Metals (ABM) has decided to relinquish its interests in gold and iron-ore projects in Sierra Leone to focus on its newly acquired nickel and cobalt projects in Cameroon and Côte d’Ivoire.

AIM (formerly the Alternative Investment Market) is a sub-market of the London Stock Exchange.

South Africa-based Mining Weekly reported Friday that ABM believes there are attractive long-term market fundamentals for battery metals.

The strategy, implemented in January, of rapidly building the company organically and through acquisitions, 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,” noted ABM CEO Roger Murphy.

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.

ABM 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 km2 Lizetta II cobalt/chrome/nickel project, in Côte 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.
-0- PANA AR 31Aug2018

31 Agosto 2018 06:57:35

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