Intrepid misses deadline to sell two Zambian copper projects
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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.
Stockhead is seeking comment from Intrepid.