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Glencar Mali deal talks break down
Tuesday, 7 July 2009 12:00
Dublin-listed exploration company Glencar says negotiations with South African company Gold Fields on a proposed joint venture on the Komana Project in Mali have ended without agreement.

Under the proposed deal, outlined in March, Gold Fields could have taken a stake of up to 65% in Glencar's Komana licence in Mali in return for spending up to $32m on the project. As part of the deal, Gold Fields would have eventually invested $3.2m in Glencar for a stake of 15%.

But today, Glencar's board said agreement could not be reached on 'certain material items in the terms' and, as a result, discussions had ended.

AdvertisementA statement said Glencar would now continue looking at other options for the Mali project, including independent financing and possible mergers with other companies.