Focus Ventures has terminated its previously proposed joint venture (JV) with Korean investment company Daewoo International on the company’s Aurora porphyry copper-molybdenum project in Peru.

Focus and Daewoo decided to discontinue their arrangement following delays in the permitting process and plan to return the property to the owners.

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In October 2014, the companies signed an agreement to establish the JV in a bid to explore and develop the Aurora project.

"Our deal with Daewoo International will provide the funding necessary to take this copper asset to the next stage as we dedicate our financial resources to our Bayovar 12 phosphate project."

The development was subject to the issuance of a drill permit from authorities in Peru.

Under the agreement, Daewoo had an option to earn a 65% interest in Focus’s Aurora project.

After receiving a drill permit, Daewoo agreed to acquire 49% of the shares of JVCo for $3m which was planned to be used for an initial exploration programme anticipated to include 10,000m of drilling.

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Focus Ventures president David Cass said: "Our deal with Daewoo International will provide the funding necessary to take this copper asset to the next stage as we dedicate our financial resources to our Bayovar 12 phosphate project."

Aurora property is located about 65km north of the city of Cusco, between 2,600 and 2,900m above sea level and is currently being permitted for a major drill programme.

The 13 drill holes, totaling 3,900m that were drilled over an area about 900m by 800m found significant intervals of copper and molybdenum mineralisation.