Vital Metals has regained complete ownership of its Watershed Tungsten project in North Queensland, Australia, after its partner Japan Oil, Gas and Metals National Corporation (Jogmec) forfeited its interest in the project.
The company will now hold discussions with new interested development partners with regard to the project.
Jogmec forfeited its 30% interest to Vital for no consideration after failing to conclude a transfer of its interest by 31 December 2015.
The dissolution of the joint venture is expected to allow the company to seek new investment proposals for the project from potential partners who were earlier deterred by Jogmec’s holding.
Vital Metals managing director Mark Strizek said that the Watershed Project was one of the few fully permitted open-pit tungsten projects in the world.
Strizek said: "Watershed ticks virtually every box from the perspective of potential development partners looking to invest in a high-quality, long-life tungsten deposit.
"It is derisked and ready to commence construction; it is a high-quality resource with attractive economics; and it’s located in a Tier – 1 jurisdiction where costs are falling rapidly and a highly skilled workforce is available."
The open-pit Watershed mine is located about 160km north-west of Cairns on Cape York Peninsula and has estimated reserves of 15.1 million tonnes of ore grading 0.46% tungsten.
Vital Metals acquired the project in 2005.