AusQuest left on perch as Falconbridge flies JV coop

Nickel and gold explorer AusQuest Ltd will be without a joint venture partner for two of its nickel projects after Falconbridge (Australia) Pty Ltd withdrew, citing its merger with Xstrata plc as the reason.

Ausquest managing director Graeme Drew said the company was advised by Canada-based Falconbridge the projects had significant technical merit, and would have access to Falconbridge survey and assay results when they were available.

Mr Drew said the company would consider finding another joint venture partner over the coming months.

Falconbridge had the right to earn 51 per cent equity in AusQuest's Table Hill project by spending $5 million over a four-year period, and another 51 per cent equity in AusQuest's Beasley and Bellary areas by spending a further $2.7 million.