- Natural resource company Corcel said it had entered into a non-binding memorandum of understanding with Shandong New Powder COSMO AM&T, or NPC, to supply nickel from the company's Mambare and WoWo gap nickel projects.

Under the terms of the agreement, NPC was seeking to purchase up to 0.5Mt per annum of nickel products from the Mambare and WoWo Gap projects.

The initial term of the offtake agreement would be for 3 to 5 years.

'Pricing of the products will be linked to the underlying commodity prices on the London Metals Exchange, or some other mutually agreeable index, with consideration given to purity and specification,' the company said.

The term of the MOU was for 12 months, unless extended by mutual consent.

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