Regency Mines PLC

New Battery and Storage Technologies Division

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
 
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