Canadian miner Silver Elephant Mining plans to divest its nickel and vanadium businesses into separate companies through an equity placement to improve its focus on metals for batteries.
The company’s Minago nickel and Gibellini’s vanadium projects are expected to be divested by 55pc each to its shareholders. While 70pc of its Battery Metals Royalties stake will be spun off according to the agreement. Battery Metals will also acquire a 45pc share each of Minago and Gibellini.
About 2pc of the mining royalties of both divested companies will be transferred to Battery Metals, once the agreement is finalized, according to the company’s statement on Aug 26.
Silver Elephant’s Minago facility is in Manitoba, Canada, and has 327,494mt of indicated and 144,696mt worth of inferred nickel resources. The miner’s vanadium project is in Nevada, USA with 59,421mt of indicated and 42,638mt worth inferred resources of vanadium ore.