The tug-of-war between joint venture (JV) partners Broken Hill Prospecting and Cobalt Blue over the Thackaringa cobalt project, in South Australia, has intensified.
ASX-listed Broken Hill on Tuesday went to the market to reject claims by Cobalt Blue that its interest in the JV had fallen to below 5%, the minimum interest specified in the JV agreement, and was ‘deemed’ to have withdrawn from the JV, leaving Broken Hill to surrender its JV interest to Cobalt Blue.