African Battery Metals (ABM) has decided to end its gold and iron-ore operations in Sierra Leone following a strategic review of its assets.

The announcement comes after the company recently acquired two new nickel and cobalt projects in Cameroon and Cote d’Ivoire.

“We believe that in order to maximise shareholder value we need to focus resources on our core strategy.”

The proposed pullout from Sierra Leone is aimed at shifting focus to advancing the company’s portfolio and identifying additional investment opportunities to strengthen its position as a battery metals-focussed business.

ABM intends to capitalise on ‘attractive’ long-term market fundamentals for battery metals.

The company attributed the decision to end its activities in the country to that fact that the exploration licence covering the 153km² Ferensola project in Northern Sierra Leone is up for renewal.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Currently, ABM holds four prospecting licences in Cameroon, adjacent to undeveloped cobalt resources.

In Cote d’Ivoire, the company has two prospecting licence applications, and a right to earn in to up to 70% of Lizetta II, which is a 380km² cobalt, chrome and nickel project.

The company noted that these two projects are complementary to its cobalt licences in the Democratic Republic of Congo.

ABM CEO Roger Murphy said: “As our strategy states, we are focussed on battery metals. With the acquisition of two highly prospective nickel and cobalt assets which complement our existing DRC cobalt projects, and the Sierra Leone licences being up for renewal and extensive consultation with our stakeholders, we have elected not to continue with activities in Sierra Leone.

“We believe that in order to maximise shareholder value we need to focus resources on our core strategy.

“We have a platform from which to grow, both through the development of our current portfolio and by securing additional highly value accretive acquisitions and in the process deliver a leading battery metals-focussed resource company.”