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Lara Exploration says partner Tessarema in default of Maravaia option agreement

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Lara Exploration says partner Tessarema in default of Maravaia option agreement

Lara Exploration Ltd. reported that partner Tessarema Resources Inc. is in default under the terms of an option agreement over the Maravaia copper project, part of the Curionopolis property in Brazil.

Lara said Jan. 15 that a US$1 million payment due at the end of 2018 had been recognized but not yet paid.

Lara is negotiating an amended agreement with Tessarema and trading house Ocean Partners UK Ltd., which secured an off-take agreement by providing loans to Tessarema to fund project development.

Lara holds a 5% fully carried interest in project holding company Mineração Maravaia Ltda. and a 2% net smelter royalty on production from Maravaia and other mineral rights under the original option agreement, amended in mid-2017.

Mineração Maravaia secured a mining license for the project in May 2018.