LONDON (Alliance News) - Copper Development Corp Tuesday said it has relinquished its interest in the Basay project in the Philippines and has sold its stake in the company behind the project for a nominal price.
The company said it has sold its 70% stake in Basay Copper Ltd to Solfotara Mining Holdings Ltd, its joint venture partner in the company. It did not say how much Solfotara paid for the stake, but said it was a nominal amount.
Copper Development's holding in the Basay project has been fully-impared since 2012 after the company completed an internal review which found the resource estimate for the project was insufficient to support a mining operation at the site.
Shares in Copper Development were untraded on Tuesday, having last traded at 1.74 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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