Intrepid misses deadline to sell two Zambian copper projects

Bummer ... Red Metal didn't find copper at its Leichhardt project in Queensland. Picture: Getty

Intrepid Mines has missed a deadline to sell two Zambian copper projects to London-listed Weatherly International.

Conditional approval for a subsidiary of Weatherly (AIM:WTI) to buy Intrepid’s Zambian subsidiary lapsed on Friday, Intrepid (ASX:IAU) told investors.

Intrepid struck the deal to sell Intrepid Mines Zambia, which owned the Mumbwa and Kitumba projects, to Weatherly for $5.75 million in December.

The company says it is considering its options in light of the current copper price environment.

While the copper price has recovered from a year-to-date low of $US6499 per tonne in March, it is still down 5.5 per cent since the start of the year — and is now trading at $US6783 per tonne.

Intrepid’s share price slipped about 1 per cent to trade at $1.08 at midday on Monday.