(MENAFN- ProactiveInvestors - Australia) Pluton Resources (ASX:PLV) has retained its complete ownership of the high grade Cockatoo Island iron ore project, after terminating the 50:50 joint venture agreement with Wise Energy Group.
The termination follows the non-fulfillment of conditions precedent to the completion of the agreement by the required date.
However, the sales and marketing agreement between Pluton and Wise Energy remains.
With the joint venture now terminated, Pluton will use its cash reserves to repay a A$3 million loan provided by Wise Energy.
Pluton also raised $17.2 million through presales agreement with Korea's Hyundai Steel Company against future shipments of four cargoes of iron ore slated to start in August 2013.
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