The Carajas Copper Company Limited (CJC) has entered into a share sale agreement for the remainder of its projects and related assets in Mongolia.
The Australia-based company has reached an agreement with Rare Elements LLC for the sale of its 100% interest in Voyager Gold LLC, the holder of an 80% interest in KM Mining.
KM Mining LLC is the holder of exploration licenses 15214X, 14843X, 7334X and 7337X constitute the Khul Morit Project located in the Erdene Island Arc Terrain, Mongolia.
“The decision to divers the remaining assets in Mongolia was taken following a sustained (and continuing) period of severe investor disinterest in the exploration sector generally and Mongolia more specifically,” CJC said in a statement to the ASX.
“The Company has attempted numerous avenues (including a rights issue) to seek investment into the Company and move forward, all to no avail. In recent times, the Company has been substantially reliant on unsecured, non-interest bearing loans from the Directors. These loan funds are no longer available to the Company.”
CJC said that following the divestment of its Mongolian assets, it will concentrate its efforts on its Brazilian holdings and pursuing other opportunities.