African Battery Metals pulls out of Sierra Leone

African Battery Metals has decided to discontinue its activities in Sierra Leone following the acquisition of two new nickel and cobalt projects in Cameroon and Cote d'Ivoire.

Following a review of its assets, African Battery opted to cease all operations in the West African nation, allowing the firm to focus its resources and energies on advancing its portfolio and identifying further opportunities that fit within its investment criteria.

ABM stated that there were still many "attractive long-term market fundamentals" for battery metals.

The AIM-listed group expects to report the impact of the exit in its next financial statement.

Roger Murphy, ABM's chief executive, said: "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," added Murphy.

As of 0830 BST, ABM shares were untraded at 3.25p.