Mineral Resources to withdraw from the McIntosh JV

Company News

by Rachael Jones

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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Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.