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(Alliance News) - Investment firm Gunsynd PLC said Friday its minority-owned investee Sunshine Minerals Ltd relinquished its interest in the Tausere bauxite deposit.
"The Tausere bauxite licence was always secondary to Sunshine and it has declined to spend the necessary money on it to retain the licence," Gunsynd Executive Chair Hamish Harris said. "The Jejevo nickel licence was and remains Sunshine's priority."
Gunsynd owns a 20% stake in Sunshine.
Shares in Gunsynd closed 6.2% lower at 0.014 pence in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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