No agreement in Glencar Mali talks

Mining company Glencar said today that talks with South Africa's Gold Fields on a joint venture in Mali have broken down.

"Unfortunately, agreement could not be reached on certain material items in the terms and consequently discussions have terminated," the ISEQ-listed company said in a statement.

The proposed joint venture on the firm's Komana Project, first announced in March, would have seen Gold Fields securing a stake of up to 65% in the project at a cost of up to €32m, as well as investment in Glencar itself.

"Glencar will now continue its appraisal of other options, including independent financing and possible mergers with other companies with complementary assets," the company said.