Regency Mines confirmed that the Company is to create a new Battery and Storage Technologies Division (BST Division).
Andrew Bell, Chairman, commented:
"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."
- 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.
At 1:43pm: (LON:RGM) Regency Mines PLC share price was 0p at 0.75p