Sally Malay pulls out of nickel JV
Australian nickel miner, Sally Malay Mining Ltd has withdrawn from a joint venture with Navigator Resources Ltd over the Wills Creek nickel project in Western Australia`s East Kimberley region.
Sally Malay invested A$1.5 million in Wills Creek in the three years from 2004 for which it was entitled to a 70% cut in future profits from the mine. However, it has now decided to pull out and concentrate on its core assets.
Perth-based Navigator will now appraise new exploration data for the project before possibly seeking other potential partners for all or part of the project area, it said in a statement.
Navigator shares dropped 1% to A$49.5/share pulling back from earlier when the stock fell as much as 14%. Sally Malay shares, meanwhile, rose 2.2% to A$2.37/share.
