Irish exploration group MinMet said today it is to float its Swedish and Finnish targets for platinum and nickel into a newly formed UK registered company called Lapp Plats.
Lapp Plats is to focus on platinum and nickel exploration in Northern Sweden and Finland.
MinMet said the spin-off follows the completion of a study aimed at generating targets for platinum and nickel from the company's proprietary Swedish Geochemical Database. The report will be sold to Lapp Plats.
MinMet will then retain a majority shareholding in Lapp Plats following a planned private placement of approximately £300,000 sterling and a proposed admission of Lapp Plats shares to trading on Ofex.
Three of MinMet's senior management - Mr Michael Nolan, Mr David Hall and Mr Alan Mooney - will join Lapp Plats's board as directors.
The company will operate initially from Minmet's Bjorkdal mine in Northern Sweden and will utilise existing MinMet staff and facilities.
AFP