Lara said the payment due to Lara at the end of 2018 of US$1 million has been recognised, but not yet paid.
Lara Exploration (TSXV:LRA) has reported that partner Tessarema Resources is in default under the terms of the option agreement with Lara.
Lara said the payment due to Lara at the end of 2018 of US$1 million has been recognised, but not yet paid. Lara is negotiating the terms of an amendment to the current agreement with Tessarema and trading house Ocean Partners UK Ltd., which has provided loans to Tessarema to fund the project development in exchange for an offtake agreement.
The Maravaia copper project is located near the town of Curionópolis in the Carajás mineral province of Northern Brazil. Lara holds a 5 percent fully-carried interest in Mineração Maravaia, and a 2 percent net smelter return royalty on any production from the Maravaia Project and the other mineral rights covered by the original Curionópolis option agreement with Tessarema.