OZ Minerals Limited (ASX:OZL) has advised its joint venture partner, IMX Resources Limited, of its intention to withdraw from the Mt Woods Copper-Gold. The company has already spent $14 million in exploration.
According to the company’s press release:
The decision means that OZ Minerals will relinquish its interest in the non-iron rights over the Mt Woods tenements and ownership of those tenements and all mineral rights will now revert to 100% ownership by IMX. The tenements themselves remain in good standing and are now unencumbered, which is expected to facilitate simpler negotiations for the development of the Mt Woods Magnetite Project with strategic partners.