IGO shares rise after joint venture withdrawal
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More news: IGO shares rallied after the diversified miner told its joint venture partner ASX-minnow Carawine Resources that it plans to withdraw from the Fraser Range nickel project in Western Australia.
Shares were up 3.2% to $4.67 at midday AEST, having lowered 21% over the last 12 months.
Fellow lithium-focused miners Mineral Resources (7.4%), Liontown Resources (5.6%) and Pilbara Minerals (3.8%) were also higher as part of a broader mining rally.
IGO to withdraw from its Fraser Range joint venture
The news: Diversified miner IGO has said it intends to withdraw from its Fraser Range joint venture with ASX minnow Carawine Resources.
The numbers: IGO is the manager and majority 76% owner in the joint venture, which covers the Big Bullocks exploration licence E39/1733, part of Carawine's Fraser Range nickel project in Western Australia.
Under the terms of the joint venture agreement, gold and base metals explorer Carawine has the right to purchase IGO's 76% interest for $1, or consent to the surrender of the remaining exploration licence.
The context: Several exploration programs have been conducted at Big Bullocks under the joint venture, targeting magmatic nickel-sulphide deposits.
Carawine said will review the E39/1733 tenement and determine if there are any targets that require further exploration. It will then decide whether to exercise its right to purchase IGO's interest or if the tenement should be surrendered.
The source: ASX
