EcoGraf mulls demerger of some Tanzanian assets
PERTH (miningweekly.com) – Diversified battery anode materials company EcoGraf has unveiled plans to demerge its battery cathode materials subsidiary, Innogy.
The ASX-listed EcoGraf told shareholders that it would separately list Innogy on the ASX to provide shareholders with direct exposure to a nickel-focussed battery minerals company, in Tanzania.
EcoGraf currently holds the largest nickel exploration tenement package in Tanzania, covering 4 600 km2, with the company saying on Tuesday that the demerger would unlock shareholder value in the company’s extensive nickel database comprising geological mapping, geophysical surveys, geochemical analysis and exploration drilling acquired over the last 10 years.
The company noted that the new nickel focussed battery mineral business provided EcoGraf shareholders with unique exposure to both anode and cathode battery minerals required by a global battery market forecast to expand at more than 30% per year to 2030.
EcoGraf will retain a cornerstone shareholding in Innogy, with shareholders to receive a priority offer of new Innogy shares.
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