TORONTO (miningweekly.com) – TSX-V-listed Montero Mining & Exploration has declined participation in the Moyale graphite project, in Ethiopia, the company reported on Thursday.
Montero had in August entered into a binding agreement with Ethiopia-based Hulager General Import & Export to acquire up to an 80% interest in its fully owned Moyale project. The agreement provided Montero six months to complete legal and technical due diligence to its satisfaction and was also subject to regulatory approval.
"The Moyale graphite project is a property that merits exploration with good geological and metallurgical characteristics but does not meet our due diligence criteria. We continue to focus on our high-quality [rare-earth elements (REE)] and phosphate assets and advance these using strategic partners,” Montero president and CEO Dr Tony Harwood advised.
Toronto-based Montero is focused on the Wigu Hill REE project, in Tanzania, and its phosphate properties in South Africa.