Bezant Resources PLC (AIM:BZT) and Caerus Mineral Resources PLC (LSE:CMRS) have announced their intention to terminate the joint venture agreement between the two companies.
Bezant revealed on October 3, 2022, that it had had discussions with Caerus in relation to the joint venture.
However, following these discussions, the company said it was not possible for the parties to agree on a mutual way forward in relation to the joint venture which it has been mutually agreed to terminate. Bezant noted that Caerus will assume 100% ownership of the joint venture projects.
In a statement, Bezant chairman, Colin Bird commented: "It is always unfortunate when joint venture partners cannot agree on a way forward but we had various concerns which we could not resolve and therefore Bezant has agreed to the termination of the Joint Venture Agreement and the original option agreement with Caerus as being the best course of action to protect the assets and resources of Bezant."
Bezant's interim results to June 30, 2022, recognised a carrying value of £228,307 under exploration and evaluation assets in relation to the joint venture and a liability to pay £227,549 as Bezant's share of the joint venture expenditure. As a result of the termination of the joint venture agreement the exploration and evaluation asset will be fully provided for and the liability to pay £227,549 will be eliminated.