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URU Metals' shares slide 14% on Burgersfort nickel project write-down

URU Metals Ltd.'s shares fell almost 14% in the London Stock Exchange on May 31 after the company said that it will write down its 50% interest in the Burgersfort nickel assets in South Africa.

The company will instead focus on its Zebediela nickel-platinum group metals project.

URU Metals had said it intended to apply for an extension of the mineral rights at its Zebediela nickel project in South Africa for a further 30 years.

The company will conduct an environmental impact assessment as part of the application process, and the mining right will allow the project to advance toward production.