Mineral Resources (ASX:MIN) has notified Hexagon Resources (ASX:HXG) that they are withdrawing from the McIntosh Joint Venture (MJV) at the end of the month.
The MJV tenements, covering the McIntosh project in northern Western Australia, will now revert 100 per cent to Hexagon.
MinRes originally entered into the MJV to increase its exposure to battery materials with the inclusion of graphite, as well as to create additional WA contracting opportunities.
However, MinRes has decided that any future investment in the McIntosh project will not meet its minimum investment return threshold set.
MinRes will write off its investment in the MJV of less than $5 million this financial year.
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