OZ Minerals withdraws from IMX JV

Shares in Subiaco-based explorer IMX Resources are lower on the news that partner OZ Minerals has decided to withdraw from their Mt Woods copper-gold joint venture.

IMX announced today that OZ Minerals had withdrawn from the project as part of an ongoing strategy to reduce exploration spending, with all non-iron tenements and mineral rights now reverting to 100 per cent ownership by IMX. 

OZ Minerals has spent more than $14 million on exploration activities at Mt Woods since the joint venture was first announced in 2009.

IMX said OZ Minerals' withdrawal from the joint venture was good news for IMX shareholders, as freeing up tenements in the area would allow IMX to facilitate simpler negotiations with potential strategic partners for the development of its Mt Woods magnetite project.

"I understand and respect both OZ Minerals' decision to withdraw from the Mt Woods JV and the manner in which they have conducted themselves when communicating their decision," IMX managing director Neil Meadows said.

"The positive in this for IMX's shareholders is that with the tenements remaining in good standing and now unencumbered, the task of finding a partner for the development of our Mt Woods magnetite project should be enhanced."

IMX shares were down by 1.5 per cent at 11:15AM WST at 6.4 cents.