Victory Mines Ltd. has decided to shift its core focus to the recently acquired cobalt-scandium projects in New South Wales and Western Australia, and suspend its Bolivian tin project.
The company said March 29 it is suspending all budgeted capital and operational expenditures on the operation and placing it in caretaker mode, effective immediately. A financial adviser will be soon appointed to market the project to prospective third parties.
"The board believes rationalizing the Bolivian tin operation and focusing on the cobalt and scandium assets in Australia will create incremental value for shareholders over the longer-term," nonexecutive Chairman James Ellingford said.
The company holds an 80% interest in the Catavi Tailings, El Kenko, San Pedrito, Rio Andavillque, Pucro, Sink & Float, Huanuni, and Japo tin deposits in Bolivia.