Fortescue Metals Group Limited
(ASX:FMG) has informed Riedel Resources Limited
(ASX:RIE) it will withdraw from a farm in and joint venture agreement on the Charteris Creek project.
The project, located in the East Pilbara holds potential for mineral and metals. The two companies entered an agreement in January 2014.
Now Riedel Resources will retain 100 per cent ownership of the project with the termination of the JV to take effect at the end of this month.
Fortescue reported a net profit of $436.63 million for the six months to the end of December 2015.
