IEX- and AIM-listed gold exploration company Glencar Mining said today its talks with Gold Fields Ltd over a possible joint venture have ended without agreement.
The discussions were focused on the development of Glencar’s Komana licence in Mali, West Africa, but these have been “terminated without agreement”, Glencar said in a statement today.
The proposal would have seen Gold Fields spend up to €32 million on exploration studies in the Komana in return for a 65 per cent stake. Glencar holds a 95 per cent share.
Under the outline terms Gold Fields was to invest €3.2 million directly into Glencar in return for a 15 share.
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Glencar said it would now look at other options.