PERTH (miningweekly.com) – ASX-listed explorer Minotaur Exploration has terminated the joint ventures (JVs) over its Eloise copper project and its Leinster nickel project, after its JV partner failed to make payments.

JV partner Golden Fields Resources had earned an initial 15% beneficial interest in the Leinster nickel JV, but ownership of the project, in Western Australia, had now reverted fully back to Minotaur after Golden Fields defaulted on its payments.

In April this year, Minotaur flagged the possible sale of its Scotia and Leinster tenements, saying that the company had taken the decision to draw its activity sphere back to the Cloncurry region, in Queensland, and the Gawler Craton, in South Australia.

Minotaur said that the termination of the Leinster JV agreement simplified any sales arrangement to eventuate from a marketing process currently under way.

Meanwhile, Minotaur also terminated its Eloise JV with Golden Fields, after the JV failed to meet the agreed-upon payment schedule.

The JV partner had been required to make a third installment to secure a 25% beneficial interest in the Eloise copper JV.

Work on the JV had initially been suspended in March this year owing to financing limitations affecting Golden Fields. However, the partners shook on a new funding agreement in April, giving Golden Fields an extension in which to complete its JV payments.

The payment plan comprised several payments totalling A$3.3-million between May and mid-June, and it was expected that once this payment plan had been completed, Minotaur would resume field exploration at Eloise.

Minotaur said on Tuesday that with the termination of the Eloise JV, the company would now retain full ownership of the Eloise project, and would seek a new funding partner to continue the work being done at the project.

The company said that it was in active discussions with groups which had expressed interest in the Artemis deposit and similar geophysical targets in the region around Eloise.