- Kincora Copper Limited (KCC) has yet to receive compliancy for its joint venture agreement with Resilience Mining Mongolia Limited
- Since last year, Kincora has given Resilience extensions to satisfy the necessary conditions
- Certain conditions have yet to be fulfilled and a notice has been issued to Resilience
- The agreement will terminate in 30 days unless another mutual variation is agreed upon
- Kincora Copper Limited (KCC) is unchanged trading at $0.04 per share as of 1:53 p.m. ET
Kincora Copper Limited (KCC) has yet to receive compliancy for its JV agreement with Resilience Mining Mongolia regarding its Mongolian asset portfolio.
Since last year, Kincora has given Resilience extensions to satisfy the necessary conditions, including achieving a minimum capital raising and admission to the ASX. Certain conditions have yet to be fulfilled.
Kincora stated it issued a notice to Resilience, bringing attention to the fact that they have failed to meet specific requirements under the agreement. The joint venture agreement will terminate in 30 days unless another mutual variation is agreed upon.
However, Kincora has indicated that it is willing to consider any further proposal, which may be put forward by Resilience during the notice period.
“We have worked closely with Resilience for a significant period. While the door is still open to them, today’s notification provides the framework to pursue other strategic options at a time of recent considerable investment in the world-class Southern Gobi porphyry belt,” Sam Spring, President and CEO of Kincora, said.
Kincora has expressed commitment to mining value from the Mongolian assets, while still focusing on other exploration activities in Australia.
Moreover, Kincora it has received the data in from a JORC resource prepared by Resilience for the Bronze Fox project in Mongolia. A review of the data will be made available by Kincora as soon as possible.
Kincora Copper Limited (KCC) is unchanged trading at $0.04 per share as of 1:53 p.m. ET.
