Broken Hill Prospecting Ltd (ASX:BPL) has been up as much as 53% today on news of the Independent Expert Determination on the disputes with Cobalt Blue Holdings Ltd (ASX:COB) regarding the Thackaringa Joint Venture (TJV).
As a result of the determination the parties’ TJV interest remains at 70% COB and 30% BPL with BPL retaining 100% legal title.
After the news, BPL, which had a pre-announcement market cap of approximately $3.49 million, increased as much as 53% to 3.2 cents.
The TJV has the Thackaringa Cobalt Project, which is also referred to as the Broken Hill Cobalt Project.
BPL said that discussions between the parties to advance the project, which is near the traditional mining centre of Broken Hill in the far west of New South Wales, had been renewed.
COB has been granted a voluntary suspension of its securities pending a material announcement concerning the TJV.
Cobalt Blue securities last traded at 14 cents before the trading halt.