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Bezant Resources reverts back to copper after strategic review

'The copper price has risen consistently over the last 12 months and should remain strong'
Copper price set to remain strong, believes Bezant

Bezant Resources plc (LON:BZT) is to switch its focus back to copper in the Philippines and Argentina after failing to get the finance to develop the Choco alluvial gold deposit in Colombia.

Laurence Read, chief executive, said the decision stemmed from a strategic review of the junior’s activities following the halt to mining at Choco at the end of 2017.

READ: Bezant Resources raises £600,000 in oversubscribed placing, Colin Bird set to become new chairman

The copper price has risen consistently over the last 12 months and should remain strong, he said.

“With two existing copper assets in our portfolio and contained tonnage of Cu in excess of 800,000 tonnes from the Mankayan Project [Philippines] alone, we shall now seek to identify and assess opportunities to advance this major project.”

Colin Bird, who joined as executive chairman at the start of the month, added:  “I fully support the geological and corporate review work being undertaken. Periodically, companies must undergo a rigorous examination of their strategic focus and operations and now is an opportune time for Bezant.

"I believe that the fundamentals for copper have seldom been so good and that the suite of existing assets held by Bezant presents an enormous opportunity for shareholders.” 

A team from Bezant is visiting the Argentina assets, which have seen some exploration work previously.

Beazant added it has settled £139,0000 of outstanding fees in shares while £37,500 of directors’ fees had been waived.

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