Chile’s Sociedad Química y Minera (NYSE: SQM) and Canada’s Teck Resources (TSX:TECK.A | TECK.B)(NYSE:TCK) have walked away from Revelo Resources’ (TSX-V: RVL) copper projects in northern Chile, prompting the junior to focus on its gold projects instead.
SQM, the world’s second largest lithium miner, terminated an exploration option agreement signed in April 2019. The deal could have seen SQM acquire up to 80% of the Calvario and Mirador copper projects.
Revelo also said that Teck Resources had failed to fulfill conditions set in agreement inked in 2018, related to another copper project in Chile. As part of the deal, the Canadian major had to complete a second year of expenditures of the project. Alternatively it had to make a contracted cash payment on the second anniversary of the $4.8 million-agreement over a portion of the Cerro Buenos Aires project.
“As a consequence, the agreement has been terminated,” Revelo said.
The Vancouver-based miner recently went through a restructuring that saw it repaying all third-party debt in April. It also sold a royalty portfolio, completed a 10-for-1 stock rollback and converted debts owed to management to shares.
The company has also said it intends to self-fund exploration, through the raising of finance, at its gold-focused assets. Revelo has four gold projects totalling more than 38,000 hectares.