ASX-listed junior Vital Metals has regained full ownership of its Watershed tungsten project, in Queensland, after project partner Japan Oil, Gas and Metals National Corporation (Jogmec) forfeited its 30% interest in the project.
Under its original investment mandate, Jogmec was responsible for arranging the transfer of its interest to a Japanese company, which would participate and help fund the project’s development. However, Jogmec was unable to conclude the transfer of its interest by the end of December, meaning that the project partner forfeited its interest in the project to Vital, for no consideration.
