LONDON (Alliance News) - Shares in Alexander Mining PLC slipped on Wednesday as the company said its partner has been unable to secure financing for a project in which Alexander's technology will be tested.
Shares were 17% lower on Wednesday afternoon at 0.10 pence each.
Accudo Metals Pty Ltd is planning to use Alexander's MetaLeach leaching technology on Australian copper projects.
However, Alexander said Accudo's Chairman Saliba Sassine notified the company: "Its concerted efforts on the project financing have stalled despite having obtained conditional debt terms for 60% of the acquisition and working capital value of the desired transaction."
"The main impediment in completing financing arrangements has been the prevailing weakness in the base metals and mining sectors, rather than principally due to new and innovative technology aspects."
Alexander Chief Executive Martin Rosser said: "Naturally we are disappointed with this news but will continue to work closely with Accudo on supporting its initiatives wherever possible and, of course, in its efforts regarding any other opportunities which it may look to progress under the agreement."
