(Ecofin Agency) - Randgold Resources rescinded the joint venture agreement clinched with Cradle Arc on Kossanto West gold project in Mali. The information was unveiled yesterday May 9 by Cradle Arc.

By withdrawing, Randgold transfers its 65% interest in the project to Cradle Arc which now becomes the only shareholder.

“Randgold has been an excellent JV partner to Cradle Arc over the past two years and their grassroots regional exploration campaigns have added significantly to our understanding of Kossanto West," comments Cradle Arc CEO, Kevin van Wouw.

The company indicates it will “actively seek a new partner for the continued exploration and advancement of the licenses” as it still believes in the project’s gold prospective. For the record, this project was one of Cradle’s main assets in Mali, before Ashanti Gold acquired in August 2017, the Kossanto East project.