Mineral Resources Ltd. decided to withdraw from its joint venture at the McIntosh graphite project in Western Australia with Hexagon Resources Ltd.
The company said Oct. 2 that it determined that any future investment in the joint venture will not meet its minimum investment return threshold.
The tenements covering the McIntosh project will fully revert to Hexagon.
Hexagon said the same day that it will get all of the data and samples generated from Mineral Resources' work.
Hexagon said it plans to continue its evaluation work to prepare for the "rebalancing of the graphite concentrate supply-demand situation forecast to occur in 3-4 years' time."
