Business
Termination of Mkurumu Joint Venture Project
Termination of Mkurumu Joint Venture Project.
About this update from Bezant Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1162G Bezant Resources PLC 03 June 2013 \n \n\n \n \n 3 June 2013\n \nBezant Resources Plc\n(\"Bezant\" or the \"Company\")\n \nTermination of Mkurumu Joint Venture Project, Tanzania \n \nBezant (AIM: BZT), the AIM listed gold and copper exploration and development company operating in the Philippines and Argentina, announces that it has received notification from AngloGold Ashanti Limited (\"AngloGold Ashanti\") that further to a recent peer review of their various projects they have terminated the Mafulira Project, situated in the Kilindi District, Tanga Region, Tanzania, with the Mafulira Village Mining Company. Detailed analysis concluded that the Mafulira Project, which includes the Mkurumu Project, was not economically viable.\n \nAs previously reported, the board of directors of Bezant fully impaired all of the exploration costs incurred in respect of the Company's Tanzanian projects in the Company's 2010 financial year. In March 2012, the Company announced that it had terminated the pre-existing joint venture arrangements with Ashanti Exploration (Tanzania) Limited (\"AETL\") in respect of the Mkurumu Project and negotiated a new agreement whereby Anglo Tanzania Gold Limited (\"ATGL\"), the Company's subsidiary,holds a reduced free carried interest of 5 per cent. along with a Net Smelter Return Royalty of 2 per cent. of any potential future Net Smelter Return due to AETL. Accordingly, such new agreement has now been terminated further to the abovementioned notification from AngloGold Ashanti. \n \n \nFor further information, please contact:\n \n\n\n\n\nGerry Nealon\nExecutive Chairman, Bezant Resources Plc \n \nBernard Olivier\nChief Executive Officer, Bezant Resources Plc \n \nLaurence Read\nDirector / Communications Officer, Bezant Resources Plc \n \nJames Harris / Matthew Chandler / David Altberg\nStrand Hanson Limited &nb...