THE BOURSE WHISPERER: Minotaur Exploration (ASX: MEP) has been left holding the babies after its Joint Venture partner Golden Fields Resources (ASX: GFR) failed to meet its financial obligations.
Minotaur advised the market it had terminated the Eloise copper Joint Venture (JV) as a consequence of GFR’s inability to continue making payments in accordance with an agreed payment schedule.
Golden Fields Resources was required to pay a third instalment to secure its 25 per cent beneficial interest in the Eloise copper JV tenements.
“Termination of the JV means that Minotaur retains 100 per cent interest in the project and is able to seek a new funding partner to help continue the valuable work done to date,” Minotaur Resources said in its ASX announcement.
“Minotaur is actively engaged in discussions with those groups who have expressed interest in the Artemis deposit and similar geophysical targets in the region around the Eloise copper-gold mine south-east of Cloncurry, Queensland.”
The company has also had to terminate the Leinster nickel Joint Venture with Golden Fields Resources for the same reasons.
GFR had earned 15 per cent beneficial interest in the JV, termination of which means that 100 per cent project ownership reverts to Minotaur.
“Minotaur recently flagged its intention to divest the Leinster tenement package, covering 285 square kilometres, just south of Leinster in Western Australia,” Minotaur said.
“The tenements are highly-prospective for nickel and gold mineralisation and offer numerous drill-ready targets in a region renowned for its discovery and production history.
“Termination of the JV simplifies any sale arrangement to eventuate from a marketing process that is now underway.”