Brazil-focused miner Serabi Gold (LON: SRB) (TSX: SBI) said on Monday that Vale (NYSE: VALE) has decided to withdraw from a copper exploration alliance formed in May 2023.
The company, which also outlined progress in exploration at its Palito Complex in the country’s north, noted that it remains optimistic as there already are “a number of other groups keen to partner” with them. No names were provided in the statement.
Shares in the company fell more than 5% in London to 65.96p and in 5.4% in Toronto to C$1.23 on the announcement, leaving the company with a market capitalization of £49.97 million ($63.2m)
Serabi said that drilling at the Palito Complex, which includes the Palito underground gold mine and the São Chico satellite deposit, helped it identify high-grade intercepts from the São Domingos property and a new porphyry copper-gold system near the Matilda target.
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