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Latin Resources nixes planned JV on Chilean copper project on funding woes

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Latin Resources nixes planned JV on Chilean copper project on funding woes

Latin ResourcesLtd. said March 30 that it is canceling a joint venture agreement withMinera Activa on the Filipina copper project in Chile.

The parties signeda binding term sheet in November 2015, with an aim to enter a joint venture on theproject.

However, due to the rapidly falling copper prices and sluggishdemand, financial institutions and funds the company approached showed little orno interest in funding the project.

The project hosts an existing NI 43-101-compliant resource of9.3 million tonnes grading 0.80% copper and 0.23 g/t of gold.