A focus on clean energy developments has provided fresh impetus to Carnegie Corporation Ltd’s expansion strategy, following the West Perth-based company’s recent listing on London’s Alternative Investment Market and executive team restructure.
The technology and minerals development company recently advised that it had entered into an agreement for the acquisition of an emerging cleaner coal power technology, which the company intends to develop and commercialise.
Carnegie’s recently appointed CEO, Dr Michael Ottaviano, said cleaner coal power displayed great potential, with the acquisition marking another step in the company’s strategy to commercialise technologies in-house.
The company is currently positioning itself toward a focus on clean energy developments, rather than specifically technology and mining with the listing of its West African mineral sands interests, by way of a $4.75 million capital raising.
The funds raised will be applied to fast-tracking exploration of Carnegie’s Senegal mineral sands project, located along the Casamance River, and to provide independent support for the emerging production from its Gambian mineral sands deposits.
Carnegie Corporation will retain 45 per cent interest in the new entity, to be named Carnegie Minerals plc.
“Carnegie will be able to dedicate itself to the development and promotion of its emerging clean energy activities, while retaining a very substantial funded interest in the newly created minerals entity,” Carnegie Minerals managing director Alan Hopkins said.
The company has also restructured its executive team with Mr Hopkins relinquishing his position as managing director of Carnegie Corporation to become managing director of Carnegie Minerals, while Dr Ottaviano has been appointed to CEO and joins the board.
